A portrait of Queen Elizabeth II on the Australian $5 note will be replaced with a design ‘honouring the First Australians’ rather than King Charles.

The change, announced by the Australian Reserve Bank today, means the Royal Family will not be represented on any of the country’s banknotes.

The Queen has appeared on the front of the $5 note since 1992.

She will continue to be featured for several years, as the bank consults with First Australians on how the new design can best represent their culture and history.

The other side of the banknote will continue to feature the parliament building in Canberra.

Treasurer Jim Chalmers said: ‘This decision, taken independently by the Reserve Bank in consultation with the government, is an opportunity to strike a good balance here.’

He emphasised that the monarch will continue to be featured on all of Australia’s coins, but added: ‘The $5 note will say more about our history and our heritage, and our country.’

An Ipsos poll released at the end of last year revealed 54% of Australians believed their country’s formal ties to the British monarchy should be ended following the death of the Queen.

The Queen first appeared on the $5 banknote in 1992, although she had previously been featured on a $1 note that was discontinued (Picture: AP)

The image of King Charles that will appear on the Bank of England £5 notes was revealed in December (Picture: Bank of England)

Australian prime minister Anthony Albanese believes the country should ditch the monarchy (Picture: AP)

The idea was most popular among 18 to 29 year olds, 65% of whom agreed with the statement, though 30 to 49 year olds and those over the age of 64 were also inclined to agree.

Prime minister Anthony Albanese, an avowed republican, ruled out a referendum on the monarchy in his government’s first term of office last September.

However, minister Matt Thistlethwaite told Al Jazeera in November that the Labor government would seek to hold one in its second term if it is reelected.

Currently, only one Aboriginal Australian is featured on the country’s banknotes: David Unaipon, a Ngarrindjeri author, inventor and preacher who is on the front of the $50 note.

Other people depicted on Australian banknotes include Flying Doctors founder John Flynn, poet Banjo Paterson and opera singer Dame Nellie Melba.

In December, the Bank of England revealed how Charles’s image will appear on new banknotes.

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Aussies won’t see the King’s face when they go to spend a fiver.