On Tuesday, the Reserve Bank of Australia (RBA) announced that the new $5 note will not feature King Charles, a move that is part of a larger effort to remove the British monarchy from its bank notes.

The new $5 note, which is set to be released in October, will feature the same design as the current $5 note, but will replace the image of Queen Elizabeth II with a portrait of Edith Cowan, the first woman to be elected to the Australian Parliament.

The RBA said that the decision to remove the image of King Charles was made in order to better reflect the diversity of Australia’s population.

“The RBA believes that it is important to reflect the diversity of the Australian population on our banknotes,” said RBA Governor Philip Lowe.

He added that the decision was also made to ensure that the banknotes remain relevant to modern Australia.

The move to remove the British monarchy from its banknotes follows a similar decision by the RBA to remove the image of Queen Elizabeth II from the $10 note in 2016.

The RBA has also announced plans to remove the image of Queen Elizabeth II from the $20 note in 2020.

The new $5 note is expected to be released in October and will be the first banknote to feature a portrait of a woman on its face.