King won't appear on new $5 bank note in Australia

King Charles III won’t feature on Australia's new $5 dollar bill, the nation's central bank announced Thursday. A new Indigenous design will replace the previous portrait of the late Queen Elizabeth II, Australia's Reserve Bank said, a move which honours “the culture and history of the First Australians.”

Jim Chalmers, Australian Treasurer said "The Reserve Bank (RBA) has decided to make the next $5 bank note feature design honouring the culture and history of First Australians. I think this is the right decision, come to for the right reasons. I welcome the decision taken by the independent Reserve Bank to ensure that the new $5 note recognises and celebrates the culture and history and heritage of Indigenous Australians."

The current $5 will continue to be issued until the new design is introduced and will remain legal tender. The face of King Charles III is expected to be seen on Australian coins later this year.