Australia's central bank announced Thursday it will be replacing the image on the $5 bill with an Indigenous design instead of a portrait of King Charles III following the transition from currency featuring the late Queen Elizabeth II.
The $5 bill will remove the firm from the country's banknotes as it will be the last remaining bill featuring the monarch, though the king will still be featured on coins.
The bank said the move was made after consulting with the government, which was in support of the change, according to the Associated Press.
Opponents believe that the decision is politically motivated.
Australia's Reserve Bank said that the new $5 bill will honor the culture and history of the First Australians while the other side of the note will continue to feature the Australian parliament.
The Bank will consult with First Australians on the design of the $5 banknote. The new banknote will take a number of years to be printed and designed. The current $5 banknote will be issued in the meantime. The bank said it will be able to use it even after the new banknote is issued.
Treasurer of Australia Jim Chalmers told reporters in Melbourne that the change is an opportunity to strike a good balance between the monarchy and Australia's heritage.
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.
The design for the coins featuring the king's portrait has not been released by the Royal Australian Mint, the country's coin manufacturer.
The decision to cut its constitutional ties to Britain has been debated by the country, though the British monarch remains Australia's head of state for now.
In comments to 2 GB Radio, Opposition Leader Peter Dutton compared the decision to change the date of Australia Day to the push to change the date of Australia Day, a national holiday that is celebrated annually on January 26.
People want to change that, because there's a lot of attacks on Australia Day. Dutton said there would be an attack on the national anthem, the flag, the name of Australia, as we're seeing in other parts of the world.
He said the silent majority in Australia does not agree with the woke nonsense going on, and encouraged those people to speak up against the attacks on our society, our institutions and our society. Dutton accused Prime Minister Anthony Albanese of playing a role in the decision for King Charles III not replacing Queen Elizabeth II on the banknote, and urging him to own up to it. FOX Business reached out to the prime minister's team for comment on the accusations.