King Charles to miss out on this huge royal honour the Queen held for more than 30 years

King Charles is reportedly set to miss out on a huge royal honour that the Queen held for 30 years.

• King Charles portrait won't feature on Australia's new five dollar banknotes like the Queen did.
• The British monarch will no longer feature on the money, the country's central bank has confirmed.
• This royal news (opens in new tab) comes after Kate Middleton's 'graceful' response to being asked for selfie delighted fans. 

The Queen had a huge royal honour when her portrait appeared on Australia's five dollar note. But following her death the bank is removing monarchs from its money - so King Charles III (opens in new tab) who has taken over the reign will not feature on the new notes.

The news comes as the country's central bank plans to unveil a new design that will pay tribute to "culture and history" on Indigenous Australians, the Reserve Bank of Australia (RBA) says.

Meanwhile, in England, King Charles's coin effigy was revealed on new £5 and 50p coins (opens in new tab) by the Royal Mint along with King Charles bank notes (opens in new tab) that will be rolled out in future.

The Queen's portrait had been on the banknotes since 1992 and death of Queen Elizabeth II (opens in new tab)last year reignited debates over Australia's future as a constitutional monarchy.

"This decision by the Reserve Bank Board follows consultation with the Australian government, which supports this change," the bank said in a statement.

"The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed. In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued," it added.

According to reports by the BBC, the RBA currently has no plans to change the design of any other aspect of the Australian banknotes. 

And the new five dollar design has not yet been revealed.

Greens Senator Lidia Thorpe welcomed the decision, she tweeted, "This is a massive win for the grassroots, First Nations people who have been fighting to decolonise this country. First Nations people never ceded our Sovereignty to any King or Queen, ever. Time for a Treaty Republic!"

And the move along with the reactions from Senator Thorpe has received mixed views. 

One pointed out, "I think you might be taking this announcement to the extreme. Charles is 74, the financial aspect of using his image then changing it again isn’t viable so it makes more sense to do something that reflects Oz. This isn’t a decolonisation move."

Another wrote, "I’m British not Australian, but I support this 100%."

And a third added, "I wouldn’t call changing the design of a bank note a massive win. The change is a result of the queen dying, nothing to do with you."