Paying with cash is a novelty these days, but you’ll want to hold onto any fivers lying around the house because they’re about to get a makeover. This week, the Reserve Bank of Australia (RBA) launched a nationwide campaign, encouraging Aussies to submit ideas for the design of the new $5 bank note. The updated design will not replace Her Majesty Queen Elizabeth II's face with King Charles III, but will instead reflect our country's rich First Nations culture and history.
The RBA will collaborate with First Nations organisations in every Australian state and territory to raise awareness and encourage people to submit ideas for the new $5 bill, which was last updated in 2016. Whether it be a story passed down for generations, a special location, a cultural instrument or an object that unites the community, you can submit any ideas for the theme from March 1 to April 30, 2024.
After submissions close, an expert panel of First Nations representatives and RBA leaders will decide on the new theme (or combination of themes), which will then take a number of years to be fine-tuned and printed. So don't throw out your purple fivers just yet (or ever, actually – they will still be fit for use after the new bank note is issued).
The reverse side of the $5 note featuring the Australian Parliament will remain the same, and whether you like it or not, King Charles III will still get his claim of fame on our new coins – which will slowly enter circulation throughout 2024.
You can submit your ideas for the new $5 banknote online here – and who knows, you might see it in your back pocket soon.