The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. Within Australia it is almost always abbreviated with the dollar sign ($), with A$ sometimes used to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.
As of 2011, the Australian dollar is the 5th most traded currency in the world, accounting for 7.6% of the world’s daily share. It trades in the world foreign exchange markets behind the US dollar, the euro, the yen and the pound sterling. 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. The currency is commonly referred to by foreign-exchange traders as the “Aussie“.
The most popular Australia Dollar exchange rate is the AUD to GBP rate[/td_block_text_with_title]
Australian Dollar History
Early Currency in Australia
When New South Wales was first established in 1788 the English Pound was the official currency, although Spanish Dollars were also used. In 1813, to try to discourage the illegal use of Spanish Dollars, the centers of the coins were cut out and they became known as ‘holey dollars’ and the cores were called ‘dumps‘. This was Australia’s first form of coinage.
From the Pound Sterling to the Australian Dollar
In 1825, the government imposed the Sterling standard and British coins began to be minted in Australia. These silver and bronze coins continued to be used until 1910, when a new national currency, the Australian Pound, was introduced. The Australian Pound was fixed in value to the Pound Sterling and, as a result, also used as a gold standard. In February of 1966, the Australian Dollar (AUD) was introduced under a decimalized system; dollars and cents replacing the pounds, shillings, and pence. In 1988, banknotes were converted to polymer, a technology developed in Australia to prevent counterfeiting.
Importance of the Australian Dollar
The central bank in Australia is called the Reserve Bank of Australia. The Australian dollar is also referred to as buck, dough, or the Aussie. The Australian Dollar is known as a commodity currency due to its substantial raw material exports. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen.
Name: Australian Dollar
Symbol: $ Cent: c
1/100 = Cent
Central Bank Rate: 2.5
Top AUD Conversion:
Top AUD Chart:
Nicknames: Buck, Dough
Freq Used: $1, $2, 5c, 10c, 20c, 50c
Freq Used: $5, $10, $20, $50, $100
Reserve Bank of Australia
Users: Australia, Christmas Island, Cocos (Keeling) Islands, Kiribati, Nauru, Norfolk Island, Ashmore and Cartier Islands, Australian Antarctic Territory, Coral Sea Islands, Heard Island, McDonald Islands.