Traditionally, the reigning monarch has appeared on the lowest denomination of Australia’s banknotes. It is a practice that harks back to the pound notes of pre-decimal days. It was even maintained by the Reserve Bank when the one-dollar note was replaced by a gold coin in the 1980s, and the Queen took the colonial philanthropist Caroline Chisholm’s place on the $5 note.
This was controversial at the time, but only briefly. Before long, the Queen’s place on the $5 note was fully accepted. This remained so until her death in September.
Today, however, our central bank showed its tin political ear with its announcement that the image of the late Queen, Elizabeth II, will not be replaced on Australia’s $5 note by our new King, Charles III.
Instead, it announced ‘The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the First Australians… The bank will consult with First Australians in designing the $5 banknote.’
Presumably, the bank’s board believes it is following the fashionable trend in Australia to show ostentatious respect for our original inhabitants.
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