Tradition dictates the reigning monarch should feature on the $5 bill but Treasurer Jim Chalmers has other ideas.

The Reserve Bank of Australia is in consultations with the federal government over whether King Charles III should appear on the note.

Mr Chalmers has indicated “an Australian or an Australian design” should feature instead.

“We have not become a republic, therefore King Charles should appear on the $5 note,” Ben Fordham weighed in.

Press PLAY below to hear Ben’s comments in full