Australia's best $5 bank note suggestions

While the obvious choice would be to replace the current portrait of the Queen with the newly crowned King Charles III. Not so, says Australia's Assistant Treasury Minister Andrew Leigh.

Dr Leigh announced there would not be a fast decision on who would be featured on the $5 note.

"There'll be a decision for the government, which will happen down the track, as we haven't decided precisely what we're doing with the $5 note at this stage," Dr Leigh told ABC Radio.

"I don't think there needs to be any particular rush on it, certainly there's been a great deal of affection for Queen Elizabeth II in the community at the moment."

But Aussies are wondering whether it's time to replace the overseas monarch with the image of a local icon.

Here are a few of our favourite suggestions for the new $5 note.

Personally, I'd like to throw Kylie Mole into the mix. She is Australian royalty, prove me wrong!

King Charles III will be printed onto the back of Australia's coins, but the note is still to be decided.

The new coins will enter circulation in 2023. But, coins retaining the image of the Queen, will remain in circulation as legal tender for the foreseeable future.

"The back of every coin in Australia will change, and it's a pretty historic change, I mean the Queen has been on the back of Australian coins since 1966 when decimal currency began," Dr Leigh said.

"It's a small cost in terms of the transition, the Mint [is] constantly updating its dyes."