Plans to Update Our $5 Note

There was a time when, with $5 in your pocket, you could buy a lot. According to the CPI Inflation Calculator, in 1960 it was worth $50.18, in 1980 it was worth $18.01, and in the year 2000, $5 was worth $8.62. These days, $5 will buy you a loaf of bread with some change.

And change is now set for the humble $5 note, with the Reserve Bank of Australia’s decision to update the banknote to feature a new design that honours the culture and history of First Australians. This 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.

This decision by the Reserve Bank Board follows consultation with the Australian Government, which supports this change.

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.

Currency collectors be warned: it’s time to stockpile the current currency. Who knows, maybe in years to come the note will be worth more?

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