The $5 note will be redesigned to replace the portrait of Queen Elizabeth II with a design that honours “the culture and history of the First Australians”.

The Reserve Bank Board announced the decision this morning, following consultation with the federal government.

“Now, you can believe whatever you like, but I have no doubt that the Prime Minister and members of his government have directed the Reserve Bank to get rid of King Charles,” Ray Hadley said.

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It will be a number of years until the new note enters circulation.

Image: Getty