New $5 note to have Indigenous theme

A new $5 note will have an Indigenous theme and replace the portrait of the British Monarch, the Reserve Bank of Australia has said.

The RBA said the theme of the new banknote, called Connection to Country, would focus on the significance of country to Aboriginal and Torres Strait Islander people.

“Country is the land, the waters and the sky,” the RBA said in a statement.

“Key to this theme is the recognition of First Nations communities’ contribution to the restoration and conservation of our environment.

“An important context for this connection is the overturning of the concept of terra nullius.”

More than 2100 submissions were made by the Australian people for the new design.

The RBA added the updated banknote was an opportunity to represent what makes Australia so special – its First Nations people – and therefore it should “avoid being tokenistic or stereotypical”.

Since 1992, Queen Elizabeth II featured on the smallest Aussie note, but the next design will not feature King Charles III.