Feb 02, Kathmandu- The country's central bank has announced that the name of King Charles III will not appear on Australia's new five-dollar note. The new design will honor the "culture and history" of Indigenous Australians, the Reserve Bank of Australia (RBA) said.

The current design of the five-dollar note features the image of the late Queen Elizabeth II. The Queen's death last year has reignited debate about the future of Australia's constitutional monarchy.

"The Reserve Bank Board made this decision after consultation with the Australian Government, which supports this change," the bank said in a statement.

"The bank will consult with the first Australians to design the $5 note. It will take several years to design and print the new notes. In the meantime, the current $5 note will continue," according to the bank. The bank has not set a date when the design of the new five-dollar note will be released.