Overnight, the Bank of England revealed it would release by year’s end the images of King Charles that will appear on its £5, £10, £20 and £50 notes.
It said the new notes were likely to enter circulation in mid-2024 and will only be printed to replace worn notes, with those featuring Queen Elizabeth removed from circulation once they have become worn or damaged.
Chalmers said the longer timeline suggested by the Bank of England was in line with his own thinking of a possible change.
“That seems to me to be an especially comfortable timeframe with which to come to,” he said.
If the RBA was to replace the Queen’s image with King Charles, it would need to receive an officially-sanctioned portrait of the new monarch. It has already said it could take years before King Charles appears on the $5 note.
Shadow treasurer Angus Taylor said he wanted the next $5 note to have the King’s image.
“I’ve got to say my personal bias is that we should maintain that tradition,” he said on Wednesday.
While the King may not appear on a future $5 note, the government is also looking at plans to remove him as the head of state later this decade.
Assistant Minister for the Republic Matt Thistlethwaite on Wednesday said he hoped the government would have a successful referendum for a republic in its second term in office.
He left open the door to first have a plebiscite to avoid the debate over the republic model that affected the 1999 republic referendum.
“We know that in 1999, it was the model that brought us unstuck. There was general public support for a republic, but the model was the downfall and divided Australians, we want to avoid that again,” he said.
“So, the plebiscite is an option. The constitutional convention is an option. These are all on the table. And I’m consulting Australians with their views.”
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