Hail the King? Charles III won't appear on new Australian bank notes. Here's why

Australian Bank Notes: The new $5 bill would instead feature a design to replace a portrait of Queen Elizabeth II.

Australia is removing the British monarchy from its bank notes, the country's central bank announced. On Australia's new $5 bill, King Charles III would not feature but the monarch may still appear on coins, the bank announced. The $5 bill is Australia’s only remaining bank note to have an image of King Charles III.

Australian Bank Notes: King Charles III won’t feature on Australia's new $5 bill, the nation's central bank announced. (AP)

Talking about the decision, the nation's central bank said that it has been taken after close consultation with the government. The British monarch continues to be Australia's head of state although the role has become largely symbolic in nature. Australia, like other former British colonies, has been debating on its constitutional ties to Britain and whether the country should continue them or not.

“The other side of the $5 banknote will continue to feature the Australian parliament," the bank said in a statement. Explaining the decision, treasurer Jim Chalmers said that the change was an opportunity to strike a good balance.

“The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing,” he said while leaders of the opposition criticised the move with Peter Dutton likening it to changing the date of the national day, Australia Day.

“I know the silent majority don’t agree with a lot of the woke nonsense that goes on but we’ve got to hear more from those people online,” he said.

For designing the new notes, the central bank plans to consult Indigenous groups, it said, adding that the current $5 will continue to be issued until the new design is introduced. The old note will also remain legal tender even after the new bill goes into circulation, the bank noted.