The Reserve Bank of Australia (RBA) has once again stepped up to the plate to solve Indigenous disadvantage the best way it knows how – by redesigning a banknote… because if an Indigenous-themed $50 note didn’t close the gap, surely a $5 note will do the trick.
If You Can’t Change Policy, Change the Colour of the Money
The new $5 note will feature Indigenous artwork under the theme “Connection to Country”, a deeply ironic choice given that Australia’s banking system has built its wealth on stolen land… but don’t worry, a beautifully designed piece of plastic will make it all better.
- Housing? No.
- Banking reform? Not happening.
- A new piece of currency to distract from systemic inequalities? Absolutely.
An RBA spokesperson described the new note as “an important step” towards recognising First Nations people.
And by “step” they mean zero policy reform and a photo op for the announcement.
A Rich Tradition of Tokenism
This isn’t the first time the RBA has used currency design as a substitute for actual economic justice.
With Australia already having an Indigenous-themed $50 note, which has done such a great job at improving Indigenous living standards that the RBA figured they’d double down on the strategy.
One expert on Indigenous affairs commented, “If designing currency actually helped, Indigenous communities would be thriving by now… but sure, let’s keep the ‘historic moment’ press releases coming.”
Financial Institutions Profiting Off Stolen Land… But Here’s a Pretty Banknote
The irony of this redesign hasn’t been lost on anyone – except, of course, the RBA.
- The Australian financial system was built on dispossession from banks financing pastoral expansion on stolen land to predatory lending targeting Indigenous communities.
- Indigenous Australians face barriers to home ownership, business loans and banking access – but hey, at least their culture is being printed on cash that most of them don’t have much of.
One banking executive (speaking anonymously, behind the scenes) said “The best part about symbolic gestures is that they cost us nothing”.
What’s Next? A $10 Note With a Sorry Statement?
With this new $5 note set to roll out in the coming years, many are wondering what the RBA’s next great initiative will be.
- A $10 note that says “Sorry” on it?
- A $20 note with a map of all the land stolen during colonisation?
- Or maybe a $100 note with the text “We acknowledge the Traditional Owners, but we’re keeping the money”!?
While Indigenous communities continue to push for actual economic reforms, the RBA remains committed to the most powerful tool in their arsenal: graphic design.
Discover more from Indigenous News
Subscribe to get the latest posts sent to your email.
