Royals Queen Elizabeth Is Being Replaced on Australia's $5 Bill - But Not With King Charles The Reserve Bank of Australia confirmed the new banknotes will feature a new design honoring "the culture and history of the First Australians" By Kirsty Hatcher Kirsty Hatcher Instagram Twitter Kirsty Hatcher is a Staff Writer at PEOPLE. She has over 8 years' experience reporting and writing on news genres, including Royals, Entertainment and Lifestyle. Prior to joining PEOPLE, Kirsty worked as a Senior Celebrity and Entertainment Writer and Editor at OK! Magazine and Reach PLC. She is based in the UK. People Editorial Guidelines Published on February 2, 2023 10:48 AM Share Tweet Pin Email Trending Videos King Charles. Photo: Max Mumby/Indigo/Getty King Charles III will not be replacing the late Queen Elizabeth II on Australia's new $5 bill. The country's central bank announced the news on Thursday and confirmed that the banknote will feature a new design that honors "the culture and history of the First Australians." The other side of the bill, which the bank said will take years to be designed and printed, will continue to feature the Australian Parliament. The current banknote features a portrait of Queen Elizabeth, who died in September at the age of 96. "This decision by the Reserve Bank Board follows consultation with the Australian Government, which supports this change," The Reserve Bank of Australia (RBA) said in a release. King Charles Is Featured for the First Time on Circulating Coins Following Queen Elizabeth's Death DeAgostini/Getty "The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed. In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued." "First Australians" refers to Australia's Indigenous population, or First Nations people, who are made up of Aboriginal and Torres Strait Islanders and comprise around 3.2% of the country's population. While he's not appearing on the new note, King Charles, 74, is still set to be featured on Australian coins. Andrew Leigh,Assistant Minister for Competition, Charities and Treasury, told ABC Radio that the Royal Australian Mint is expected to start producing the coins in the "second half" of 2023. Chris Jackson/Getty King Charles III's Coronation: Everything to Know About the Ceremony and Celebration Officials also confirmed that coins currently in circulation featuring Queen Elizabeth's image will remain legal tender "forever". In December, The Bank of England released images of Charles on four U.K. banknotes (£5, £10, £20 and £50) for the first time. The new design will feature a main portrait of the King, who will be coronated in May, on the front side and a smaller cameo inside the currency's see-through security window. Bank of England Can't get enough of PEOPLE's Royals coverage? Sign up for our free Royals newsletter to get the latest updates on Kate Middleton, Meghan Markle and more! "I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III," Bank of England governor Andrew Bailey said in a statement. "This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024."