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Thursday, May 30, 2024

Reserve Bank seeks First Nations ideas to replace Queen on $5 note

The Reserve Bank of Australia is launching a public campaign seeking ideas from the community on how First Nations cultures can be incorporated into the design of a new $5 banknote.

Reserve Bank Assistant Governor (Business Services), Michelle McPhee says all Australians have an opportunity to submit an idea.

“We invite all Australians to reimagine the $5 banknote in the search for themes that reflect our nation’s unique and rich First Nations cultures and history,” she said.

“This could be a story passed down for generations, a location, an idea, an instrument or an object that binds a community.”

Reserve Bank Assistant Governor (Business Services), Michelle McPhee.

Ms McPhee said the Reserve Bank was engaging directly with First Nations organisations in every state and territory to build awareness and encourage the submission of ideas for the design of the updated banknote.

“Involving the public in this process is vital, and by actively engaging First Nations communities, we can better capture themes that tell our nation’s story.”

“As times change, so do our banknotes. The most recent update to the $5 banknote was in 2016, and there have been four different $5 banknote designs since the 1960s,” she said.

The new design will replace the portrait of Her Majesty Queen Elizabeth II. The other side of the $5 banknote will continue to feature the Australian Parliament.

At the end of the submission period, an expert panel – made up of First Nations representatives and senior leadership from the Reserve Bank and Note Printing Australia – will consider the potential themes. Once the panel selects a theme (or combination of themes), a group of First Nations artists will be invited to submit a design. These processes are expected to be completed by the end of 2024.

Theme submissions can be lodged from 1 March to 30 April 2024. Submissions can be lodged online.

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