The central bank announced in 2023 that the $5 note would not feature King Charles III following Queen Elizabeth II's death.
After more than 2100 submissions, the RBA's senior representatives alongside Aboriginal stakeholders decided on the "Connection to Country" theme for the $5 redesign.
It will be the first time the banknote does not have a portrait but it will still keep an image of the Australian parliament on one side.
The decision to omit King Charles has sparked outrage among monarchists.
"The King is still King of Australia until the people decide otherwise and a government should not start removing images of the King," Australian Monarchist League chair Philip Benwell told AAP.
"The government is pre-empting everything to try and force a republic by stealth on people and that is wrong."
Mr Benwell accused Prime Minister Anthony Albanese of seeking another referendum on becoming a republic if re-elected in the upcoming federal election.
Australia held a failed referendum in 1999 to ask whether the people agreed to change the constitution to become a republic with 54 per cent of people voting against it.
Mr Benwell accused the federal government of lacking concern for the wishes of the people.
He referenced the 1999 republic referendum and the 2023 Voice referendum when Australia voted no to recognising Aboriginal Australians in the constitution.
"We are established under the Crown, the King wears the crown, the King is King of Australia and the government shouldn't forget that and shouldn't push the King aside," he said.
Mr Benwell added monarchists did not have an issue with Aboriginal artwork being featured on the banknote but called for it to retain the King's image.
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