Australia Announced Decision to Remove British Monarchy from its Banknotes

Australia Announced Decision to Remove British Monarchy from its Banknotes: Australia announced it will erase the British monarch from its banknotes, replacing the late Queen Elizabeth II’s image on its $5 note with a design honoring Indigenous culture. The central bank’s decision to leave her successor Charles III off the $5 note means no Britain-based monarch will remain on Australia’s paper currency.

February 2023 Current Affairs Quiz

Australia Announced Decision to Remove British Monarchy from its Banknotes- Key Points

• According to a statement from the Reserve Bank of Australia, a new design that “honors the culture and history of the First Australians” would be the subject of consultation with Indigenous people. The new banknote would take “several years” to be designed and printed, with the existing $5 note remaining legal tender even after the new design is in people’s hands.
• Australia observed public mourning following Queen Elizabeth’s death on September 8 of last year, but some Indigenous groups also protested the destructive impact of colonial Britain at the time, calling for the abolition of the monarchy.
• The central bank informed that its decision was supported by the center-left Labor government of Prime Minister Anthony Albanese, who supports an eventual move to an Australian republic.
• The move was hailed by the nation’s republican movement, which noted that Indigenous people predated British settlement by 65,000 years.
• Australian Republic Movement chair Craig Foster informed that Australia believes in meritocracy so the idea that someone should be on the currency by birthright is irreconcilable as is the notion that they should be the head of state by birthright.