A Melbourne artist has redesigned Australia's bank notes, replacing the iconic faces of AB "Banjo" Paterson and Sir Henry Parkes with the likes of Steve Irwin, Dame Edna and Karl Stefanovic.

In a post on his website, Aaron Tyler said the faces of Australia's notes "were relevant once, but they don't strike a chord with modern Australia".

"[Money is] the foundation and fabric that holds society and civilisation together. If someone's face is stamped on that money, it's a pretty big deal, right? So why don't we know who's on ours?" he said.

"We see them every day, but most Australians don't even know who the people on our banknotes are.

"The time is right for a facelift. The time is right for STRAYA CASH."

The alternative $10 note, featuring Agro, Corey Worthington and Kylie Minogue. ( Supplied: Aaron Tyler )

His reimagined notes feature Aussie staples like meat pies, the Wiggles, a BBQ, Channel Nine presenter Stefanovic, Cathy Freeman and John Farnham, complete with mullet.

The clear plastic security windows on the notes also are changed, replacing windmills, the Southern Cross, and a lyrebird with the VB logo, a BBQ, and a prawn.

Tyler said it was a difficult process to narrow down who would take pride of place on the notes.

The alternative $20 note, featuring Karl Stefanovic, and the Ettamogah pub. ( Supplied: Aaron Tyler )

"I started with a list of about 100," he told the ABC.

"It's kind of a combination of people and things that I like, and felt that others would instantly recognise and identify with as an Australian.

"Plus, a couple purely to polarise and create discussion. You can probably figure out who they were.

"I knew I'd never be able to please everyone. There were plenty more icons that I simply couldn't fit in."

The alternative $50 note, featuring Shane Warne, Cathy Freeman and a Southern Cross tattoo. ( Supplied: Aaron Tyler )

Despite his humorous take, the artist said while doing research on the project, he had found many people did not know who was actually on Australia's notes.

"I have discovered that it isn't only young people who don't know who the people are, it's older people too," he said.

"A wider discussion about who the people are, and recognising their contributions to Australia would be a good idea.

"I had no clue who they were, but while working on this project I've discovered they did some incredible things that shouldn't be forgotten."

The alternative $100 note, featuring Steve Irwin and John Farnham. ( Supplied: Aaron Tyler )

We asked you who you would put on the bank notes, if you could redesign them.

Here are some of your suggestions: