The Central Bank of Australia has announced that the images of Queen Elizabeth II will be removed from the $5 note.
According to the central bank, the new note will be designed to reflect the local culture of the country.
The Reserve Bank of Australia said the decision was made in consultation with the federal government, which supports the change.
The other side of the note will traditionally feature an image of the Australian Parliament.
Since the death of Queen Elizabeth last year, there has been a debate in Australia about whether or not the constitutional monarchy system should continue in the country.
In a referendum in 1999, voters also managed to elect the British monarch as head of state by a narrow margin.
Britain’s King Charles Swaym is the head of Australia, New Zealand and 12 other Commonwealth countries.