KING Charles III’s image will not feature on Australia’s new five dollar banknote.

The decision has been made following a consultation with the Australian government with the banknote’s current portrait of Queen Elizabeth set to be replaced with a design honouring indigenous Australians.

It is intended to pay tribute to “the culture and history of the First Australians”, the Reserve Bank said in a statement.

“The Bank will consult with First Australians in designing the $5 banknote”, the statement continued.

Writing on social media, Lidia Thorpe, who serves as deputy leader of the Australian Greens in the Senate, said: “This is a massive win for the grassroots, First Nations people who have been fighting to decolonise this country.

“First Nations people never ceded our sovereignty to any King or Queen, ever. Time for a Treaty Republic!”

An effigy of the Queen will continue to be printed on Australia’s coins until the Royal Australian Mint transitions to a portrait of the King later this year.

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Queen Elizabeth’s portrait has featured on the five dollar note since 1992, and is drawn from photographs commissioned by the Reserve Bank in 1984.

Much of Australia’s currency already features indigenous Australian figures and artworks.