This comes following an announcement made in September by the RBA, which detailed there would be no immediate change to Australian banknotes following Her Majesty's passing.

This new design will replace the portrait of Queen Elizabeth II, with the other side of the $5 banknote to continue to feature the Australian Parliament.

The RBA notes it will consult with First Australians in designing the $5 banknote before taking a number of years to be designed and printed. 

This means the current $5 banknote will continue to be issued and will continue to remain in circulation even after the new banknote is issued.

Under the 1965 Currency Act, Australian coins must feature a portrait of the current monarch, whereas notes are not required to meet this obligation. 

Assistant Minister for Competition Charities and Treasury Andrew Leigh said the design of the first King Charles III coins are expected to be announced in early 2023.

“Coins featuring this effigy are to be released late in 2023,” Mr Leigh said. 

Importantly, existing Australian legal tender coins bearing the Queen’s effigy will remain in circulation and remain legal tender forever.


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