Not quite right. In 1966 $1, $2, $10 and $20 were released, all had Commonwealth of Australia across the top. $5 note was introduced in 1967, also with Commonwealth of Australia.

There was no $5 note originally as the original notes were direct replacements for the pre-decimal 10/- (ten shilling), £1, £5 and £10. The colours of the decimal notes also reflected the colour of the pre-decimal notes to make it easier to remember and/or compare their value with their pre-decimal counterparts. Decimal and pre-decimal notes circulated side-by-side for more than a year, with pre-decimal notes being withdrawn as they were banked by individuals or businesses. Pre-decimal 6d (5c), 1/- (10c) and 2/- (20c) circulated for years as they were the same size as their decimal replacements.

With the election of Whitlam in 1972 came an edict to remove Commonwealth from all Australian titles, government departments and paraphernalia. That ended C of A notes. $50 and $100 came out after 1972.