The Australian government has announced that it will be removing the British monarchy from its banknotes in a move to reflect the nation’s independence and modern identity.

The decision will affect the $5 note, which currently features Queen Elizabeth II and King Charles. The government stated that the Queen will remain on the $10, $20, $50, and $100 notes, but King Charles will be removed.

“This is part of a broader effort to ensure that our currency reflects modern Australia,” said Treasurer Josh Frydenberg in a statement.

The new note will feature the portraits of Indigenous Australian writer and inventor David Unaipon and Edith Cowan, the first female member of an Australian parliament.

The move has been met with support from many Australians, who view the decision as a sign of the nation’s progress.

“This is a great step forward for our nation and for our people,” said Prime Minister Scott Morrison.

“It reflects our commitment to a modern, independent and inclusive Australia, and it is an important recognition of the contributions of Indigenous Australians and other Australians to our nation’s history.”

The new note is expected to be released in October of this year.