The new design will honour the history and culture of Indigenous Australians, but will take a number of years to be designed and printed, the RBA said.

"The Bank will consult with First Australians in designing the $5 banknote," the RBA said.

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The Federal Government supports the new design, and consulted with the RBA on the decision to leave King Charles off the currency.

The flipside of the $5 note will continue to feature new Parliament House and the forecourt mosaic.

The existing design is based on a central desert dot-style painting by Michael Nelson Jagamara titled 'Possum and Wallaby Dreaming' and a schematic plan of the New Parliament House

"In the meantime, the current $5 banknote will continue to be issued," the RBA said.

"It will be able to be used even after the new banknote is issued."