Australia has announced that the British monarchy will be removed from it’s bank notes.

Following the passing of Queen Elizabeth II in September of last year, the central bank of Australia has decided against using the image of yet to be coronated King Charles III in the new design of the $5 note.

The new design will now instead take inspiration from the nations indigenous people’s, honouring “the culture and history of the First Australians,” Australia’s Reserve Bank said.

Treasurer Jim Chalmers said the change was an opportunity to strike a good balance.

“The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing.”

The British monarch remains Australia’s head of state, although these days that role is largely symbolic.

Australia’s current banknotes consist of $5, $10, $20, $50 and $100 denominations with the $5 note being the last to still feature the monarch.