Media Release RBA Seeks Ideas from the Australian Community to ‘Reimagine the $5’ Banknote

The Reserve Bank of Australia is today commencing a public campaign seeking ideas from the community to reflect First Nations cultures into the design of an updated $5 banknote.

Assistant Governor (Business Services) Michelle McPhee says all Australians have an opportunity to submit an idea.

‘We invite all Australians to reimagine the $5 banknote in the search for themes that reflect our nation’s unique and rich First Nations cultures and history,’ Michelle said.

‘This could be a story passed down for generations, a location, an idea, an instrument or an object that binds a community.’

The Reserve Bank is engaging directly with First Nations organisations in every state and territory to build awareness and encourage the submission of ideas for the design of the updated banknote.

‘Involving the public in this process is vital, and by actively engaging First Nations communities, we can better capture themes that tell our nation’s story,’ Michelle said.

‘As times change, so do our banknotes. The most recent update to the $5 banknote was in 2016, and there have been four different $5 banknote designs since the 1960s.’

How to make a submission

Theme submissions can be lodged from 1 March to 30 April 2024.

Submissions can be lodged online.

Background

The new design will replace the portrait of Her Majesty Queen Elizabeth II. The other side of the $5 banknote will continue to feature the Australian Parliament. Read more.

Australian coins, issued by the Royal Australian Mint, continue to feature the Monarch.

At the end of the submission period, an expert panel – made up of First Nations representatives and senior leadership from the Reserve Bank and Note Printing Australia – will consider the potential themes. Once the panel selects a theme (or combination of themes), a group of First Nations artists will be invited to submit a design. These processes are expected to be completed by the end of 2024.

The Reserve Bank will work closely with First Nations communities to obtain relevant cultural permissions.