Australian government redesign of $5 bill.

[Cryptomultiplier]

Australian $5 notes are pictured in Sydney on Sept. 10, 2022. King Charles III won't feature on Australia's new $5 bill, the nation's central bank announced Thursday, Feb. 2, 2023, signaling a phasing out of the British monarchy from Australian bank notes, although he is still expected to feature on coins.

While the Nigerian government is battling the challenge of designing new Naira notes and putting it in circulation, the Australian government is not left out as they intend a redesign of their $5 bill, by replacing the late Queen Elizabeth's image with their own. Meanwhile, king Charles image would be used on the coins. It is said the new currency would be released upon design and print completion, whereas the old notes would still be in circulation until it phases out.

The change has been forth coming and is hoped to be positive, as it displays its culture and independence as a nation.
Would this change make significant improvements to its economy or cause tension between the British government and Australian government?


https://www.npr.org

[mk4]

Not really sure how a change in the dollar bill's physical design could significantly improve a country's economy lol. It's literally just a cosmetic change.

As for the British government — idunno, apparently they're allies, but probably no biggie.

[Nwada001]

According to the Reserve Bank of Australia, their need for the change is to remove the picture of Queen Elizabeth II and add their First Nation people, which I believe are their founders. The redesign of the note, which includes images of those they believe have fought and stood for the freedom of the nations, is also a great step. Peter Dutton, on the other hand, saw it as a direct challenge to their system and social movement, which they claim has a motive in pushing the deviation of a monarchy constitution and the republican movement. ( Source )

Would this change make significant improvements to its economy or cause tension between the British government and Australian government?

https://www.npr.org

I don't think the redesign of the $5  bill will have a significant impact on their economy or even cause any tension between them and the government of Great Britain since there is no direct attack on the government and their reason for the redesign is clear.

your source link did not lead me to the information.

[Hydrogen]

One interesting angle to paper currency I have seen recently:

Laser cleaning machine removes ink from cardboard box, without burning it
https://www.youtube.com/watch?v=lZeDx980NQg

Some have claimed this laser technology can be used to remove ink from paper bills, while leaving the paper intact.

Making it easier for counterfeiters to print high denomination bills on legitimate paper from low denomination bills.

In theory, a counterfeiter could remove ink from $1 bill and print $100 instead.

Its an interesting angle to think about and perhaps for mints of the world to take steps to safeguard against as precaution. If it is in fact a legitimate threat.

Redesigns and updates to bills have risen in frequency recently. Perhaps in response to these types of dangers.

[fadhilz123]

The change has been forth coming and is hoped to be positive, as it displays its culture and independence as a nation.
Would this change make significant improvements to its economy or cause tension between the British government and Australian government?

https://www.npr.org

The story is really interesting and fun to read. If it's just about replacing old banknotes with new banknotes then using their own image to show their own culture to the world. I don't think there will be major changes to their own economy nor will there be any kind of tension if Australia doesn't have a serious problem with the British government in any way or this one.

So in my opinion this is a normal thing that has also been done by other countries from time to time because replacing old banknotes with new ones will only give a better look at the money circulating in society, while the economy will remain as usual, except for the currency. Australian money is used by many people of the world, including in international trade, such as the use of the USD currency.

[pooya87]

Not really sure how a change in the dollar bill's physical design could significantly improve a country's economy lol. It's literally just a cosmetic change.

As for the British government — idunno, apparently they're allies, but probably no biggie.

I'm not very familiar with Australian history but I think it was in the 80's when Australia started moving towards stopping to be a British colony! And that movement damaged the economic relations between Australia and England.
This is a tiny step but similar to the same thing and I believe that is what OP is asking.

BTW it is not just a "cosmetic change", it is a big statement of independence by a nation of 26 million.

[xSkylarx]

Australian is not now covered by the British, but for sure they have just influenced it, and I think they will also respect the redesigning of the bills. Also, it is not completely gone, right? since it will be put into the coins. But again, there will be bashers on it, but if it was already approved by the law or in the Senate, then no one can stop it. Here in our country, our bills got redesigned recently, but we are all okay with it as we are still using them and others are collecting them or using them to save. Back to the topic, redesigning it is for the boost of the economy, and they don't redesign it to mock the British, so I think it is okay with them.

[slaman29]

I think after Queen Elizabeth passed away, any sort of nostalgia will be gone from all these former colonies (or whatever the other term is like what Australia used to be).

Some day, Bitcoin and many other types of currencies will be the ones denoting the country, to show that it's no longer in "god" we trust but in code

[ultrloa]

The change has been forth coming and is hoped to be positive, as it displays its culture and independence as a nation.
Would this change make significant improvements to its economy or cause tension between the British government and Australian government?

Maybe there some changes for short while if many will accumulate their currencies but it doesn't mean anything if we talk about economical changes since it will all matter on countries development also with investors pouring some good money to create products and job to their country. But it could change some statements to their own currency since if many people globally can notice that their personal notes especially the one change is beautiful then maybe there's something good with those impression can bring.

[Nwada001]

One interesting angle to paper currency I have seen recently:

Laser cleaning machine removes ink from cardboard box, without burning it
https://www.youtube.com/watch?v=lZeDx980NQg

Some have claimed this laser technology can be used to remove ink from paper bills, while leaving the paper intact.

Making it easier for counterfeiters to print high denomination bills on legitimate paper from low denomination bills.

In theory, a counterfeiter could remove ink from $1 bill and print $100 instead.

Its an interesting angle to think about and perhaps for mints of the world to take steps to safeguard against as precaution. If it is in fact a legitimate threat.

Redesigns and updates to bills have risen in frequency recently. Perhaps in response to these types of dangers.

If this is the primary reason why most governments are in the process of redesigning the currency, then I can put it to them that the motive cannot fully be obtained, because after the redesign of the new note, so long as the new note is not in coin form and still comes out to be a paper currency, the same procedure can also be used to wipe out the old write-up, keeping the paper clean, and change it to the higher currency, provided that they are still making use of the same paper size and quality. Please correct me if I am wrong.

[Saisher]

Australian $5 notes are pictured in Sydney on Sept. 10, 2022. King Charles III won't feature on Australia's new $5 bill, the nation's central bank announced Thursday, Feb. 2, 2023, signaling a phasing out of the British monarchy from Australian bank notes, although he is still expected to feature on coins.

Not something new the central bank of many nations on the recommendation of their leaders wants their note to reflect something that is progressive and reflects their independence, Australia wants to be independent not that they don't trust King Charles, but they want to be pictured as independent from their former colonizer, this is for the new generations of their country, they don't want to be reminded always that they are once part of the British Monarchy.

[jackg]

Redesigning a currency is probably something that piques collectors interest and nothing else. Most redesigns seem to happen every 10 years or so.

As for the British government — idunno, apparently they're allies, but probably no biggie.

It's probably been their plan for a while. They might even have got the Queen's approval for it as there seemed to be quite a lot of people who wanted it removed in Australia (and I don't think anyone cares that much about it either - though there may still be older Australians who consider they still have allegiance to the then empire).

[hugeblack]

How could the redesign of the $5 bill affect relations or the British monarchy's phasing out of Australia banknotes? The country declared allegiance to the British Crown when King Charles was appointed.
The question that must be asked is the cost of changing the money, as the old money will be replaced and a lot will be invested in preventing fraud, reinjecting money, etc., all of which are solutions that can be avoided digitally.

I do not think that the political changes are so profound as to bring about changes in Australian foreign policy.