Meanwhile, Senate estimates say it will take more than a year to create the final design for the $5 bill featuring Prince Charles.
However, placing another design on the notebook will take even more time.
Reserve Bank Deputy Governor Michele Block said the bank responsible for Australia’s banknotes had begun a consultation process to change the design of the current five-dollar bill after the death of Queen Elizabeth II.
“The consultation process so far has included a letter from the governor to the treasurer, and I think it’s with the government at this point,” she said.
Asked by liberal Senator Dean Smith what the letter was about, Bullock said it would point to the “historic practice” of putting monarchs on banknotes.
Queen Elizabeth has been used on the last few iterations of the five-dollar bill, she said, and Australia has featured the monarch on at least one banknote since 1923.
Block said the bank is in talks with the government about how the design should go, but the final decision will be made by RBA Governor Philip Lowe.
“If there was a decision that King Charles would be on the banknote, it would probably be a 12-18 month process. It would require a portrait approved by the palace, and then a designer for the banknote. It’s a very technical process,” she said.
“When you add a completely new design to a banknote, it gets even more complicated.
Block said he did not believe the memo would feature an Australian instead of the king.
“It’s a choice between kings, and without a king it’s kind of design, Australian style design.”
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