Banknote

Documents reveal RBA would 'consult with the government of the day' and Peter Dutton has made clear he would support such a move.

“For portions of the Australian community, cash plays a significant part in their day-to-day lives,” the RBA said. The RBA also confirmed it did not advise Buckingham Palace before announcing the change – something which the Liberal senator Dean Smith said was a “gross lack of courtesy”. The issues brief addresses this in a section called “lines to be taken on difficult questions” that were approved by Lowe. In an issues brief of potential questions the RBA believed might be asked about the change, the bank stated that in the event a pro-monarch government is elected, the bank “will consult with the government of the day on the best approach to progress the $5 banknote”. The brief also stated the bank should decline to answer whether the RBA or the government is “anti-monarchy” and whether it would have an impact on the relationship with the monarchy. It will be a number of years before the new note design will be finalised, meaning the next federal election will be held before the new notes are in circulation.