Australian dollar

Last updated

Australian dollar
Australian dollar  (English)
Australian $100 polymer front.jpg Australian $1 Coin.png
$100 $1
ISO 4217
CodeAUD
Number036
Exponent2
Denominations
Subunit
1/100 cent
Symbol $
cent c
Banknotes
Freq. used $5, $10, $20, $50, $100
Coins
Freq. used 5c, 10c, 20c, 50c, $1, $2
Demographics
Date of introduction14 February 1966
Replaced Australian pound
Official user(s)Australia
Unofficial user(s) Cambodia [ citation needed ]
New Caledonia (France)
Papua New Guinea
Solomon Islands
Tonga
Vanuatu
Zimbabwe [1]
Issuance
Central bank Reserve Bank of Australia
Website www.rba.gov.au
Printer Note Printing Australia
Website www.noteprinting.com
Mint Royal Australian Mint
Website www.ramint.gov.au
Valuation
Inflation 1.3% (Australia only)
Source Reserve Bank of Australia, September 2018.
Pegged by Tuvaluan dollar and Kiribati dollar at par

The Australian dollar (sign: $; code: AUD) is the currency of Australia (including its external territories Christmas Island, Cocos (Keeling) Islands, and Norfolk Island), and of three independent Pacific Island states, specifically Kiribati, Nauru, and Tuvalu. It was introduced on 14 February 1966 when the pre-decimal Australian pound, with subunits of shillings and pence, was replaced by the new decimal currency, the Australian dollar.

ISO 4217 Standard which delineates currency designators and country codes

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes, and references to minor units in three tables:

A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, especially for people in a nation. Under this definition, US dollars (US$), pounds sterling (£), Australian dollars (A$), European euros (€), Russian rubles (₽) and Indian Rupees (₹) are examples of currencies. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.

Australia Country in Oceania

Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It is the largest country in Oceania and the world's sixth-largest country by total area. The neighbouring countries are Papua New Guinea, Indonesia and East Timor to the north; the Solomon Islands and Vanuatu to the north-east; and New Zealand to the south-east. The population of 25 million is highly urbanised and heavily concentrated on the eastern seaboard. Australia's capital is Canberra, and its largest city is Sydney. The country's other major metropolitan areas are Melbourne, Brisbane, Perth and Adelaide.

Contents

Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. [2] [3] It is subdivided into 100 cents.

The dollar or peso sign is a symbol used to indicate the units of various currencies around the world, including the peso and the US dollar. The symbol can interchangeably have one or two vertical strokes. In common usage, the sign appears to the left of the amount specified, as in $1.

Cent (currency) Monetary unit in many national currencies

In many national currencies, the cent, commonly represented by the cent sign is a monetary unit that equals ​1100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin worth one cent.

In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share (down from 8.6% in 2013) [4] behind the United States dollar, the European Union's euro, the Japanese yen and the United Kingdom's pound sterling. [5] The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. [6]

The foreign exchange market is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines the foreign exchange rate. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market.

United States dollar Currency of the United States of America

The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.

Euro European currency

The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens as of 2019. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.

The Australian dollar was legal tender of Papua New Guinea until 1 January 1976, when the Papua New Guinean kina became the sole legal tender there.

Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common forms of legal tender in many countries. Legal tender is variously defined in different jurisdictions. Formally, it is anything which when offered in payment extinguishes the debt. Thus, personal cheques, credit cards, and similar non-cash methods of payment are not usually legal tender. The law does not relieve the debt obligation until payment is tendered. Coins and banknotes are usually defined as legal tender. Some jurisdictions may forbid or restrict payment made other than by legal tender. For example, such a law might outlaw the use of foreign coins and bank notes or require a license to perform financial transactions in a foreign currency.

Papua New Guinea constitutional monarchy in Oceania

Papua New Guinea, officially the Independent State of Papua New Guinea is a country in Oceania that occupies the eastern half of the island of New Guinea and its offshore islands in Melanesia, a region of the southwestern Pacific Ocean north of Australia. Its capital, located along its southeastern coast, is Port Moresby. The western half of New Guinea forms the Indonesian provinces of Papua and West Papua.

Papua New Guinean kina currency

The kina is the currency of Papua New Guinea. It is divided into 100 toea. The kina was introduced on 19 April 1975, and circulated along with the Australian dollar until 1 January 1976, when the dollar ceased to be legal tender.

History

The 2nd generation $5 Australian note Australian $5 polymer front.jpg
The 2nd generation $5 Australian note
The 1st generation $10 note Australian $10 note paper front.jpg
The 1st generation $10 note
The 2nd generation $10 Australian note Australian $10 polymer front.jpg
The 2nd generation $10 Australian note
The new (3rd generation) 2017 $10 note 2017 Australian ten dollar note obverse.jpg
The new (3rd generation) 2017 $10 note
$20 Australian note Australian $20 polymer front.jpg
$20 Australian note

|

The 1st generation $50 note Australian $50 note paper front.jpg
The 1st generation $50 note
$50 Australian note 2018 Australian fifty dollar note obverse.jpg
$50 Australian note
$100 Australian note Australian $100 polymer front.jpg
$100 Australian note

The previous currency, the Australian pound, was introduced in 1910, and had been officially distinct in value from the U.K.'s pound sterling since devaluation in 1931. [7] The pound was divided into 20 shillings and each shilling was divided into 12 pence, making a pound worth 240 pence.

Australian pound currency of Australia from 1910 until 14 February 1966

The Australian pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.

Pound sterling Official currency of the United Kingdom and other territories

The pound sterling, commonly known as the pound and less commonly referred to as sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling also have currencies called the pound.

With pounds, shillings and pence to be replaced by decimal currency on 14 February 1966, many names for the new currency were suggested. In 1963, the then-Prime Minister of Australia, Robert Menzies, a monarchist, wished to name the currency the royal. Other proposed names from a public naming competition included more exotic suggestions such as the austral, the oz, the boomer, the roo, the kanga, the emu, the koala, the digger, the zac, the kwid, the dinkum, and the ming (Menzies' nickname). Menzies' influence resulted in the selection of the royal, and trial designs were prepared and printed by the Reserve Bank of Australia. Australian treasurer and future Prime Minister, Harold Holt, announced the decision in Parliament on 5 June 1963. The royal would be subdivided into 100 cents, but the existing names shilling, florin and crown would be retained for the 10-cent, 20-cent and 50-cent coins respectively. The name royal for the currency proved very unpopular, with Holt and his wife even receiving death threats. [8] On 24 July Holt told the Cabinet the decision had been a "terrible mistake" and it would need to be revisited. On 18 September Holt advised Parliament that the name was to be the dollar, of 100 cents. [9] [10]

Decimalisation or decimalization is the conversion of a measurement system to units related by powers of 10, replacing traditional units that are related in other ways, such as those formed by successive doubling or halving, or by more arbitrary conversion factors. Units of physical measurement, such as length and mass, were decimalised with the introduction of the metric system, which has been adopted by almost all countries with the prominent exception of the United States. Thus a kilometre is 1000 metres, while a mile is 1,760 yards. Electrical units are decimalised worldwide. Common units of time remain undecimalised; although an attempt was made during the French revolution, this proved to be unsuccessful and was quickly abandoned.

Prime Minister of Australia executive head of the Government of Australia

The Prime Minister of Australia is the head of government of Australia. The individual who holds the office is the most senior Minister of State, the leader of the Federal Cabinet. The Prime Minister also has the responsibility of administering the Department of the Prime Minister and Cabinet, and is the chair of the National Security Committee and the Council of Australian Governments. The office of Prime Minister is not mentioned in the Constitution of Australia but exists through Westminster political convention. The individual who holds the office is commissioned by the Governor-General of Australia and at the Governor-General's pleasure subject to the Constitution of Australia and constitutional conventions.

Robert Menzies Australian politician, 12th Prime Minister of Australia

Sir Robert Gordon Menzies,, was an Australian politician who twice served as Prime Minister of Australia, in office from 1939 to 1941 and again from 1949 to 1966. He played a central role in the creation of the Liberal Party of Australia, defining its policies and its broad outreach. He is Australia's longest-serving prime minister, serving over 18 years in total.

The pound was replaced by the dollar on 14 February 1966 [11] with the rate of conversion as two dollars per Australian pound, or one dollar for ten Australian shillings.

Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of $1 = 8 U.K. shillings ($2.50 = UK £1).

In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.

On 27 September 2012, the Reserve Bank of Australia stated that it had ordered work on a project to upgrade the current banknotes. The upgraded banknotes would incorporate a number of new future proof security features [12] and include Braille dots for ease of use of the visually impaired. The first new banknotes (of the five dollar denomination) were issued from 1 September 2016, with the remaining denominations to be issued in the coming years. [13]

Coins

In 1966, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 cents. The initial 50-cent coins contained 80% silver and were withdrawn after a year when the intrinsic value of the silver content was found to considerably exceed the face value of the coins. One-dollar coins were introduced in 1984, followed by two-dollar coins in 1988 to replace the banknotes of that value, while the one- and two-cent coins were discontinued in 1991 and withdrawn from circulation. In commemoration of the 40th anniversary of decimal currency, the 2006 mint proof and uncirculated sets included one- and two-cent coins. In early 2013, Australia's first triangular coin was introduced to mark the 25th anniversary of the opening of Parliament House. The silver $5 coin is 99.9% silver, and depicts Parliament House as viewed from one of its courtyards. [14] Cash transactions are rounded to the nearest five cents. As with most public changes to currency systems, there has been a great amount of seignorage of the discontinued coins. All coins portray the reigning Australian Sovereign, Queen Elizabeth II, on the obverse, and are produced by the Royal Australian Mint.

Australia has regularly issued commemorative 50-cent coins. The first was in 1970, commemorating James Cook's exploration along the east coast of the Australian continent, followed in 1977 by a coin for Queen Elizabeth II's Silver Jubilee, the wedding of Charles, Prince of Wales and Lady Diana Spencer in 1981, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Issues expanded into greater numbers in the 1990s and the 21st century, responding to collector demand. Australia has also made special issues of 20-cent, one-dollar and two-dollar coins.

Current Australian 5-, 10- and 20-cent coins are identical in size to the former Australian, New Zealand, and British sixpence, shilling, and two shilling (florin) coins. In 1990 and 1993, the UK replaced these coins with smaller versions, as did New Zealand in 2006 – at the same time discontinuing the five-cent coin. With a mass of 15.55 grams (0.549 oz) and a diameter of 31.51 millimetres (1 14 in), the Australian 50-cent coin is one of the largest coins used in the world today. In circulation, the old New Zealand 5-, 10- and 20-cent coins were often mistaken for Australian coins of the same value, owing to their identical size and shape. Until the size of the New Zealand coins was changed in 2004, Australian coins below the dollar in value were in circulation in both countries. Still, some confusion occurs with the larger-denomination coins in the two countries; Australia's $1 coin is similar in size to New Zealand's $2 coin, and the New Zealand $1 coin is similar in size to Australia's $2 coin. As a result, Australian coins are occasionally found in New Zealand and vice versa.

Banknotes

First series

The first paper issues of the Australian dollar were issued in 1966. The $1, $2, $10 and $20 notes had exact equivalents in the former pound banknotes. The $5 note was issued in 1967, the $50 note was issued in 1973 and the $100 was issued in 1984. [15]

First polymer series

The first polymer banknotes were issued in 1988 [16] by the Reserve Bank of Australia, specifically polypropylene polymer banknotes (produced by Note Printing Australia), to commemorate the bicentenary of European settlement in Australia. All Australian notes are now made of polymer. Australia was the first country to develop and use polymer banknotes.

Second Polymer series

A new series of banknotes has been introduced, starting with the $5 note from 1 September 2016. [17] A new $10 banknote has been released into circulation from 20 September 2017, [18] and a new $50 note has been released starting from 18 October 2018. [19] The new $20 note will be released in October 2019 and the new $100 note in 2020. [20]

Value

Most traded currencies by value
Currency distribution of global foreign exchange market turnover [5]
RankCurrency ISO 4217 code
(symbol)
% of daily trades
(bought or sold)
(April 2016)
1
Flag of the United States.svgUnited States dollar
USD (US$)
87.6%
2
Flag of Europe.svgEuro
EUR (€)
31.4%
3
Flag of Japan.svgJapanese yen
JPY (¥)
21.6%
4
Flag of the United Kingdom.svgPound sterling
GBP (£)
12.8%
5
Flag of Australia (converted).svgAustralian dollar
AUD (A$)
6.9%
6
Flag of Canada (Pantone).svgCanadian dollar
CAD (C$)
5.1%
7
Flag of Switzerland.svgSwiss franc
CHF (Fr)
4.8%
8
Flag of the People's Republic of China.svgRenminbi
CNY (元)
4.0%
9
Flag of Sweden.svgSwedish krona
SEK (kr)
2.2%
10
Flag of New Zealand.svgNew Zealand dollar
NZD (NZ$)
2.1%
11
Flag of Mexico.svgMexican peso
MXN ($)
1.9%
12
Flag of Singapore.svgSingapore dollar
SGD (S$)
1.8%
13
Flag of Hong Kong.svgHong Kong dollar
HKD (HK$)
1.7%
14
Flag of Norway.svg Norwegian krone
NOK (kr)
1.7%
15
Flag of South Korea.svg South Korean won
KRW (₩)
1.7%
16
Flag of Turkey.svgTurkish lira
TRY (₺)
1.4%
17
Flag of Russia.svgRussian ruble
RUB (₽)
1.1%
18
Flag of India.svg Indian rupee
INR (₹)
1.1%
19
Flag of Brazil.svg Brazilian real
BRL (R$)
1.0%
20
Flag of South Africa.svg South African rand
ZAR (R)
1.0%
21
Flag of Denmark.svg Danish krone
DKK (kr)
0.8%
22
Flag of Poland.svg Polish złoty
PLN (zł)
0.7%
23
Flag of the Republic of China.svg New Taiwan dollar
TWD (NT$)
0.6%
24
Flag of Thailand.svg Thai baht
THB (฿)
0.4%
25
Flag of Malaysia.svg Malaysian ringgit
MYR (RM)
0.4%
26
Flag of Hungary.svg Hungarian forint
HUF (Ft)
0.3%
27
Flag of Saudi Arabia.svg Saudi riyal
SAR (﷼)
0.3%
28
Flag of the Czech Republic.svg Czech koruna
CZK (Kč)
0.3%
29
Flag of Israel.svg Israeli shekel
ILS (₪)
0.3%
30
Flag of Chile.svg Chilean peso
CLP (CLP$)
0.2%
31
Flag of Indonesia.svg Indonesian rupiah
IDR (Rp)
0.2%
32
Flag of Colombia.svg Colombian peso
COP (COL$)
0.2%
33
Flag of the Philippines.svg Philippine peso
PHP (₱)
0.1%
34
Flag of Romania.svg Romanian leu
RON (L)
0.1%
35
Flag of Peru.svg Peruvian sol
PEN (S/)
0.1%
Other2.1%
Total [21] 200.0%
The cost of one Euro in Australian Dollar. Euro exchange rate to AUD.svg
The cost of one Euro in Australian Dollar.

In 1966, when the dollar was introduced, the international currency relationships were maintained under the Bretton Woods system, a fixed exchange rate system using a U.S. dollar standard. The Australian dollar, however, was effectively pegged to the British pound at an equivalent value of approximately 1 gram of gold.

The highest valuation of the Australian dollar relative to the U.S. dollar was during the period of the peg to the U.S. dollar. On 9 September 1973, the peg was adjusted to US$1.4875, the fluctuation limits being changed to US$1.485–US$1.490; [22] on both 7 December 1973 and 10 December 1973, the noon buying rate in New York City for cable transfers payable in foreign currencies reached its highest point of 1.4885 U.S. dollars to one dollar. [23]

On 12 December 1983, the dollar was floated, allowing its value to fluctuate dependent on supply and demand on international money markets. The decision was made on 8 December 1983 and announced on 9 December 1983. [24]

In the two decades that followed, its highest value relative to the US dollar was $0.881 in December 1988. The lowest ever value of the dollar after it was floated was 47.75 US cents in April 2001. [25] It returned to above 96 US cents in June 2008, [26] and reached 98.49 later that year. Although the value of the dollar fell significantly from this high towards the end of 2008, it gradually recovered in 2009 to 94 US cents.

On 15 October 2010, the dollar reached parity with the US dollar for the first time since becoming a freely traded currency, trading above US$1 for a few seconds. [27] The currency then traded above parity for a sustained period of several days in November, and fluctuated around that mark into 2011. [28] On 27 July 2011, the dollar hit a record high since floating. It traded at a $1.1080 against the US dollar. [29]

Some commentators speculated that the value of the dollar in 2011 was related to Europe's sovereign debt crisis, and Australia's strong ties with material importers in Asia and in particular China. [30]

Economists posit that commodity prices are the dominant driver of the Australian dollar, and this means changes in exchange rates of the Australian dollar occur in ways opposite to many other currencies. [31] For decades, Australia's balance of trade has depended primarily upon commodity exports such as minerals and agricultural products. This means the Australian dollar varies significantly during the business cycle, rallying during global booms as Australia exports raw materials, and falling during recessions as mineral prices slump or when domestic spending overshadows the export earnings outlook. This movement is in the opposite direction to other reserve currencies, which tend to be stronger during market slumps as traders move value from falling stocks into cash.

The Australian dollar is a reserve currency and one of the most traded currencies in the world. [6] Other factors in its popularity include a relative lack of central bank intervention, and general stability of the Australian economy and government. [32] In January 2011 at the World Economic Forum in Davos, Switzerland, Alexey Ulyukaev announced that the Central Bank of Russia would begin keeping Australian dollar reserves. [33]

Exchange rate policies

1983 ABC news report on the first day of trading with a floating Dollar.

Prior to 1983, Australia maintained a fixed exchange rate. The first peg was between the Australian and British pounds, initially at par, and later at 0.8 GBP (16 shillings sterling). This reflected its historical ties as well as a view about the stability in value of the British pound. From 1946 to 1971, Australia maintained a peg under the Bretton Woods system, a fixed exchange rate system that pegged the U.S. dollar to gold, but the Australian dollar was effectively pegged to sterling until 1967.

With the breakdown of the Bretton Woods system in 1971, Australia converted the traditional peg to a fluctuating rate against the US dollar. In September 1974, Australia valued the dollar against a basket of currencies called the trade weighted index (TWI) in an effort to reduce the fluctuations associated with its tie to the US dollar. [34] The daily TWI valuation was changed in November 1976 to a periodically adjusted valuation.

On 12 December 1983, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating floated the dollar, with the exchange rate reflecting the balance of payments and other market drivers.

Australian banknotes are a legal tender throughout the Commonwealth of Australia and its territories, as provided in section 36(1) of the Reserve Bank Act 1959.

For legal tender of Australian coinage, as outlined in section 16 of the Currency Act 1965, the following limits are set out: [35]

Design and denominations

Australia was the first country in the world to have a complete system of banknotes made from plastic (polymer). These notes provide much greater security against counterfeiting. The polymer notes are cleaner than paper notes, are more durable and easily recyclable.

Australia's currency comprises coins of 5, 10, 20 and 50 cent and one and two dollar denominations; and notes of 5, 10, 20, 50 and 100 dollar denominations.

Many forms of currency were used in the Australian colonies after the arrival of the first European settlers in 1788. In the rough early conditions barter was necessary, and payment in commodities like rum sometimes replaced money in transactions. Some of the first official notes used in Australia were Police Fund Notes, issued by the Bank of New South Wales in 1816.

After 1901, when the Australian colonies federated into a single Commonwealth, the federal government became responsible for the currency. The Bank Notes Tax Act 1910 effectively brought private and state currencies to an end. In 1913 the first series of Australian notes was issued, based on the old British system of 12 pence to a shilling, 20 shillings to a pound.

In 1963, Australia initiated the change to decimal currency. More than 1000 submissions were made about the name of the new currency unit. The Prime Minister of the day, Sir Robert Menzies, proposed the 'royal'. The 'dollar' was eventually chosen as the name, and decimal currency was introduced on 14 February 1966.

Shortly after the changeover, substantial counterfeiting of $10 notes was detected. This provided an impetus for the Reserve Bank of Australia to develop new note technologies jointly with the Commonwealth Scientific and Industrial Research Organisation.

The revolutionary polymer notes were first introduced in 1988 with the issue of a commemorative $10 note, [36] marking Australia's bicentenary by featuring the theme of settlement. The note depicted on one side a young male Aboriginal person in body paint, with other elements of Aboriginal culture. On the reverse side was the ship Supply from the First Fleet, with a background of Sydney Cove, as well as a group of people to illustrate the diverse backgrounds from which Australia has evolved over 200 years.

Polymer note technology was developed by Australia, and Australia prints polymer banknotes for a number of other countries. In 1988, Australia introduced its first polymer bank note and in 1996, Australia became the first country in the world to have a complete series of polymer notes. Australia's notes are printed by Note Printing Australia, a wholly owned subsidiary of the Reserve Bank of Australia. Note Printing Australia prints polymer notes or simply supplies the polymer substrate [46] for a growing number of other countries including Bangladesh, Brunei, Chile, Indonesia, Kuwait, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Romania, Samoa, Singapore, Solomon Islands, Sri Lanka, Thailand and Vietnam. Many other countries are showing a strong interest in the new technology.

All Australian coins depict Queen Elizabeth II on the obverse, with different images on the reverse of each coin.

The 5, 10, 20 and 50 cent coins are made of cupronickel (75 percent copper and 25 percent nickel). The one and two dollar coins are made of aluminium bronze (92 percent copper, 6 per cent aluminium and 2 per cent nickel). The two dollar, one dollar, 50 and 20 cent circulating coins occasionally feature commemorative designs.

Australia's coins are produced by the Royal Australian Mint, which is located in the nation's capital, Canberra. Since opening in 1965, the Mint has produced more than 14 billion circulating coins, and has the capacity to produce more than two million coins per day, or more than 600 million coins per year. The Royal Australian Mint has an international reputation for producing quality numismatic coins, and won an international award for 'Best Silver Coin 2006' for its Silver Kangaroo coin design.

Australian currency tactile feature

In early 2015 the Reserve Bank of Australia announced that a tactile feature will be added to all new notes. [47] The tactile feature is an embossed feature to assist the vision-impaired in identifying the denomination. A similar feature is used on the Canadian currency. [48]

Current exchange rates

See also

Other main currencies

Related Research Articles

Eastern Caribbean dollar currency of eight of the nine members of the Organisation of Eastern Caribbean States

The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, and the exchange rate is US$1 = EC$2.70.

The New Zealand dollar is the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. Within New Zealand, it is almost always abbreviated with the dollar sign ($), with "NZ$" sometimes used to distinguish it from other dollar-denominated currencies. In the context of currency trading, it is often informally called the "Kiwi" or "Kiwi dollar", since New Zealand is commonly associated with the indigenous bird and the one-dollar coin depicts a kiwi.

Ghanaian cedi currency

The Ghanaian cedi is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).

Belize dollar currency

The Belize dollar is the official currency in Belize. It is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies.

Maltese lira currency of Malta from 1825 until 31 December 2007

The lira was the currency of Malta from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally. In English, the currency was still frequently called the pound because of the past usage of British currency on the islands.

The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.

Fijian dollar currency of Fiji

The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873. It is normally abbreviated with the dollar sign $, or alternatively FJ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

Barbadian dollar currency

The dollar has been the currency of Barbados since 1935. The present dollar has the ISO 4217 code BBD and is normally abbreviated with the dollar sign "$" or, alternatively, "Bds$" to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

The pound was the currency of New Zealand from 1840 until 1967, when it was replaced by the New Zealand dollar.

Rhodesian pound currency of Southern Rhodesia from 1964 to 1965 and Rhodesia from 1965 until 1970

The pound was the currency of Southern Rhodesia from 1964 to 1965 and Rhodesia from 1965 until 1970. It was subdivided into 20 shillings, each of 12 pence.

Jamaican pound

The Jamaican pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of British currency and local issues and was always equal to the British pound. The Jamaican pound was also used by the Cayman Islands and Turks and Caicos Islands.

Kiribati dollar currency

The dollar is the currency of Kiribati. It is pegged at 1:1 ratio to the Australian dollar. Coins were issued in 1979 and circulate alongside banknotes and coins of the Australian dollar.

Australian ten-cent coin

The Australian ten-cent coin is a coin of the decimal Australian dollar. When the dollar was introduced as half of an Australian pound on 14 February 1966, the coin inherited the specifications of the pre-decimal shilling; both coins were worth one twentieth of a pound. On introduction it was the fourth-lowest denomination coin. Since the withdrawal from circulation of the one and two cent coins in 1992, it has been the second-lowest denomination coin in circulation.

Australian twenty-dollar note Australian banknote

The Australian twenty-dollar note was issued when the currency was changed from the Australian pound to the Australian dollar on 14 February 1966. It replaced the £10 note which had similar orange colouration. There have been only two different issues of this denomination: a paper note which had a gradient of yellow and red, with a distinct orange background, and a polymer note which can be recognised for its distinct red-orange colouration. The polymer note was issued on 31 October 1994.

Australian ten-dollar note Australian banknote

The Australian ten-dollar note was issued when the currency was changed from the Australian pound to the Australian dollar on 14 February 1966; it replaced the £5 note which included the same blue colouration. There have been four different issues of this denomination, a paper banknote, a commemorative hipolymer note to celebrate the bicentennial of Australian settlement, the 1993-2017 polymer note, and from September 2017 a polymer note featuring a transparent window.

Australian five-dollar note Australian banknote

The Australian five-dollar note was first issued on 29 May 1967, fifteen months after the currency was changed from the Australian pound to the Australian dollar on 14 February 1966. It was a new denomination with mauve colouration – the pound system had no £2½ note.

The banknotes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia adopted decimal currency. This currency was a lot easier for calculating cost rather than the British, Pound, Shilling and Pence system. The $5 note was not issued until May 1967.

References

  1. Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), Pound sterling, Euro, US Dollar, South African rand, Botswana pula, Indian rupee, Chinese yuan, and Japanese yen . The U.S. Dollar has been adopted as the official currency for all government transactions.
  2. McGovern, Gerry; Norton, Rob; O'Dowd, Catherine (2002). The Web content style guide: an essential reference for online writers ... FT Press. p. 104. ISBN   978-0-273-65605-0 . Retrieved 30 July 2010.
  3. The Canadian Style. Dundurn Press/Translation Bureau. 1997. ISBN   1-55002-276-8 . Retrieved 30 July 2010.
  4. Jeff Desjardins (29 December 2016). "Here are the most traded currencies in 2016". Business Insider. Retrieved 30 June 2017.
  5. 1 2 "Triennial Central Bank Survey Foreign exchange turnover in April 2016" (PDF). Triennial Central Bank Survey. Basel, Switzerland: Bank for International Settlements. 11 December 2016. p. 7. Retrieved 22 March 2017.
  6. 1 2 Yeates, Clancy (2 September 2010). "Aussie now fifth most traded currency". The Sydney Morning Herald . Retrieved 19 April 2011.
  7. "Banknotes of the 1930s". Reserve Bank of Australia Museum. Reserve Bank of Australia . Retrieved 31 December 2015.
  8. Richard Hughes, "Holt's folly: one royal we rejected", Sydney Morning Herald, 5 June 2013. Retrieved 21 December 2017
  9. "The Royal Controversy". Reserve Bank of Australia Museum. Reserve Bank of Australia . Retrieved 31 December 2015.
  10. The Age, 5 June 2013, Money, p.8
  11. "Introducing the New Decimal Banknotes". Reserve Bank of Australia Museum. Reserve Bank of Australia . Retrieved 31 December 2015.
  12. Media Release: R.B.A.: Upgrading Australia's Banknotes http://www.rba.gov.au/media-releases/2012/mr-12-27.html
  13. The Next Generation Banknote Project http://www.rba.gov.au/publications/bulletin/2014/mar/1.html
  14. ABC News Triangular coin celebrates Parliament House's birthday http://www.abc.net.au/news/2013-05-09/first-triangular-coin-celebrates-parliament-birthday/4679654
  15. History of Banknotes http://banknotes.rba.gov.au/australias-banknotes/history/
  16. "Wi-fi, dual-flush loos and eight more Australian inventions". BBC News. 8 November 2012.
  17. "Next Generation of Banknotes: $5 Banknote Design Reveal". Reserve Bank of Australia. 12 April 2016.
  18. "Next Generation of Banknotes: $10 Design Reveal". Reserve Bank of Australia. 17 February 2017.
  19. "Next Generation of Banknotes: Circulation Date for the New $50 Banknote". Reserve Bank of Australia. 5 September 2018.
  20. "Next Generation $20 Banknote Design Reveal". Reserve Bank of Australia. 22 February 2019.
  21. The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (€). Therefore each trade is counted twice, once under the sold currency ($) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the U.S. Dollar is bought or sold in 87% of all trades, whereas the Euro is bought or sold 31% of the time.
  22. World Currency Yearbook, 1984. p. 75. ISBN   0-917645-00-6.
  23. "U.S. / Australia Foreign Exchange Rate" . Retrieved 26 July 2011.
  24. "20 years since Aussie dollar floated". Australian Broadcasting Corporation. 8 December 2003. Archived from the original on 11 October 2010. Retrieved 14 October 2010.
  25. "Global risk weighs on Howard's agenda". CNN. 12 November 2001. Retrieved 14 October 2010.
  26. "Dollar Falls Before RBA Meeting: New Zealand's Drops". Bloomberg. 30 June 2008. Retrieved 14 October 2010.
  27. "Dollar hits parity vs US dollar". Reuters. 15 October 2010. Archived from the original on 18 October 2010. Retrieved 15 October 2010.
  28. Davis, Bradley (4 November 2010). "Dollar hits new post-float high after US central bank move". The Australian . Archived from the original on 22 January 2011. Retrieved 25 January 2011.
  29. "AUD/USD Slides After Topping 1.10 Level – Westpac" . Retrieved 2 May 2011.
  30. "Sky News: Aussie dollar hits new highs". Sky News. 28 March 2011. Retrieved 19 April 2011.
  31. "Westpac Market Insights March 2011" (PDF). Westpac. p. 4. Archived from the original (PDF) on 7 March 2011. Retrieved 8 April 2011.
  32. Dorsch, Gary (14 February 2006). "Analyzing the Dollar – Up, Down, and Under". SafeHaven.com.
  33. "Russia to Keep Dollar Reserves From February". Davos, Switzerland: RIA Novosti. 26 January 2012. Retrieved 27 January 2012.
  34. "1350.0 – Australian Economic Indicators, Mar 1998". Australian Bureau of Statistics. 8 December 2006. Retrieved 19 April 2011.
  35. "RBA Banknotes: Legal Tender" . Retrieved 24 July 2018.
  36. Other Banknotes http://banknotes.rba.gov.au/australias-banknotes/other-banknotes/
  37. $100 Banknote http://banknotes.rba.gov.au/australias-banknotes/banknotes-in-circulation/hundred-dollar/
  38. $50 Banknote http://banknotes.rba.gov.au/australias-banknotes/banknotes-in-circulation/fifty-dollar/
  39. $20 Banknote http://banknotes.rba.gov.au/australias-banknotes/banknotes-in-circulation/twenty-dollar/
  40. $10 Banknote http://banknotes.rba.gov.au/australias-banknotes/banknotes-in-circulation/ten-dollar/
  41. Australia, scheme=AGLSTERMS.AglsAgent; corporateName=Reserve Bank of. "Next Generation of Banknotes: $10 Design Reveal". Reserve Bank of Australia. Retrieved 30 August 2017.
  42. $5 Banknote http://banknotes.rba.gov.au/australias-banknotes/banknotes-in-circulation/five-dollar/
  43. "Fred Hollows for Aussie fiver?". Stuff. Retrieved 27 January 2016.
  44. Australia, scheme=AGLSTERMS.AglsAgent; corporateName=Reserve Bank of. "Next Generation of Banknotes: Issuance Date for the New $5 Banknote | Media Releases". www.rba.gov.au. Retrieved 11 February 2016.
  45. Australia, scheme=AGLSTERMS.AglsAgent; corporateName=Reserve Bank of. "Next Generation of Banknotes: $5 Banknote Design Reveal". Reserve Bank of Australia. Retrieved 24 May 2016.
  46. "Paying with Polymer: Developing Canada's New Bank Notes" (PDF). Bank of Canada. 20 June 2011. p. 4. Retrieved 12 August 2015.
  47. "Next Generation Banknotes: Additional Feature for the Vision Impaired". www.rba.gov.au (Press release). Media Office-Reserve Bank of Australia. 13 February 2015.
  48. Haxton, Nance (19 February 2015). "RBA to introduce tactile banknotes after 13yo blind boy Connor McLeod campaigns for change". ABC. Retrieved 19 February 2015.

Notes

Preceded by:
Australian pound
Reason: decimalisation
Ratio: 2 dollars = 1 pound
Currency of Australia, Christmas Island, Cocos Islands, Norfolk Island, Nauru, Kiribati, Tuvalu
1966
Succeeded by:
Current
Preceded by:
New Guinea pound
Reason: decimalisation
Ratio: 2 dollars = 1 pound
Currency of Papua New Guinea
1966 1975
Succeeded by:
Papua New Guinean kina
Reason: currency independence
Ratio: at par
Preceded by:
Australian pound
Reason: decimalisation
Ratio: 2 dollars = 1 pound
Currency of Solomon Islands
1966 1977
Succeeded by:
Solomon Islands dollar
Reason: currency independence
Ratio: at par