The portrait of Queen Elizabeth II first appeared on the $5 polymer note in July 1992 when the Queen celebrated the 40th anniversary of her accession.
Following the Queen's death, the RBA reviewed the design and today announced via a statement that the note would change, following consultation with the federal government.
"The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the First Australians," the statement said.
