The Australian five-dollar note was first issued on 29 May 1967, fifteen months after the currency was changed from the pound to the dollar on 14 February 1966.

According to Reserve Bank statistics, at the end of June 2017 there were two hundred and eleven million five dollar banknotes in circulation, fourteen percent of the total banknotes in circulation; worth one thousand and fifty five million, or one percent of the total value for all denominations.

The title identifying the country was then changed to "Australia" and from 1974 until the end of the issuance of paper currency for this denomination (in 1992), 978,068,318 of these notes were issued.

On the 2001 commemorative design, Sir Henry Parkes appears on the obverse and Catherine Helen Spence on the reverse.

[9] After the death of Elizabeth II, the Reserve Bank of Australia said that it was discussing with the government before it decides the replacement portrait on the 5-dollar banknote.

There is also raised printing around the portraits and major design elements of the note which can be felt by rubbing the finger or fingernail against them.