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Australian Dollar

Australian dollar
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$100
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$2
$100$2
ISO 4217 CodeAUD
User(s)Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island
Inflation2.1% (Australia only)
SourceReserve Bank of Australia, June 2007
Pegged byTuvaluan dollar and Kiribati dollar at par
Subunit
1/100cent
Symbol$ or AUD
centc
Coins''5c, 10c, 20c, 50c , $1, $2
Banknotes''$5, $10, $20, $50, $100
Central bankReserve Bank of Australia
Websitewww.rba.gov.au
PrinterNote Printing Australia
Websitewww.noteprinting.com
MintRoyal Australian Mint
Websitewww.ramint.gov.au
“AUD” redirects here. For other uses, see Aud.


The dollar 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. The Australian dollar's ISO 4217 code is AUD but it is often abbreviated with the dollar sign $. A$ or AU$ is often used informally to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.

The Australian dollar is currently the fifth-most-traded currency in world foreign exchange markets (behind the U.S. dollar, the euro, the yen, and the pound sterling), accounting for approximately 4–5% of worldwide foreign exchange transactions. The Australian dollar is popular with currency traders due to relatively high interest rates in Australia, the relative lack of government intervention in the foreign exchange market, the general stability of the economy and the government, as well as the prevailing view that it offers diversification benefits in a portfolio containing the major world currencies (especially because of its greater exposure to Asian economies and the commodities cycle).

History

The dollar was introduced on 14 February 1966, not only replacing the Australian pound (distinct from the pound sterling since 1929) but also introducing a decimal system.
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A 20-royal note
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A 10-royal note

The royal

In 1965, the Prime Minister, Robert Menzies, wished to name the currency "the royal" and other names such as "the austral", "the oz", "the boomer", "the roo", "the kanga", "the emu", "the digger", "the kwid" and, jokingly, "the ming" (the nickname of Menzies) were also proposed. Due to Menzies' influence, the name "royal" was settled upon, and trial designs were prepared and printed by the printing works of the Reserve Bank of Australia. The unusual choice of name for the currency proved unpopular, and it was later shelved in favour of "dollar".

The dollar

On 14 February 1966 the dollar was introduced at a rate of two dollars per pound, or ten shillings per dollar. At its introduction, it was pegged to sterling at a rate of 1 dollar = 8 shillings (2.5 dollars = 1 pound). In 1967, Australia effectively left the sterling area for the first time. When sterling devalued in 1967 against the U.S. dollar, the Australian dollar did not follow. It maintained its peg to the U.S. dollar at the same rate of 1 Australian dollar = 1.12 U.S. dollars.

Coins

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Australian twenty-cent coin
Main article: Coins of the Australian dollar
In 1966, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 cents. 1 dollar coins were introduced in 1984, followed by 2 dollars in 1988. The 1 and 2 cent coins were discontinued in 1991 and withdrawn from circulation.[1] Cash transactions are rounded to the nearest 5 cents or rounded down at the option of the retailer. As with most public changes to currency systems, there has been a great amount of seignorage of these discontinued coins, meaning the vast majority are never going to be worth a significant amount of money. All coins portray Queen Elizabeth II on the obverse and are produced by the Royal Australian Mint.

Australia has regularly issued commemorative 50 cent coins. The first commemorative 50 cent coin was in 1970, commemorating Captain 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 and Diana 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 and 1 dollar coins.

There are also many Australian five dollar coins of aluminium/bronze and bi-metal as well as many silver and gold bullion coins in higher denominations. These, like the U.S coins of higher denomination than 1 dollar or which are made of precious metals, are not normally used in payment but are still legal tender.

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 the U.K. replaced these coins with smaller versions, as did New Zealand in 2006 - at the same time discontinuing the 5 cent coin. With a mass of 15.55 grams and a diameter of 31.51mm, the Australian 50 cent coin one of the largest coins still in circulation today.

Banknotes

First series

The first paper issues of Australian dollars were issued in 1966. The 1, 2, 10 and 20 dollars had exact equivalents in the former pound banknotes. The 5 dollar note was issued in 1967, after the public had become familiar with decimal currency. There had not previously been an equivalent £2 10s note.

The 1 dollar note was replaced by a coin in 1984, while the 2 dollar note was replaced by a coin in 1988. The 50 dollar note was introduced in 1973 and the 100 dollar note in 1984, in response to inflation requiring larger denominations for transactions.

Polymer series

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The first polymer banknote, the 1988 Australian $10 note
In 1988, the Reserve Bank of Australia issued plastic, specifically polypropylene polymer banknotes (which were produced by Note Printing Australia), to commemorate the bicentenary of European settlement in Australia. These notes contained a transparent window with an optically variable image of Captain James Cook as a security feature. Australian banknotes were the first in the world to use such features.

Today all Australian notes are made of polymer.

Value of the Australian dollar

The highest value of the Australian dollar was 96.68 U.S. cents on March 14 1984.[2] In 2001, the value of one Australian dollar went below 50 U.S. cents for the first time. On 12 Oct 2007, the Australian dollar reached a 23-year high against the U.S. dollar, peaking at 90.61 US cents.[3]

In 1966, when the Australian dollar was introduced, the International gold standard still operated. The dollar was at that time worth 980 milligrams of gold. As of December 2006 the dollar was worth 38 milligrams of gold.[1]

Exchange rate policies

Australia maintained a peg to the British pound, reflecting 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 to the U.S. dollar under the Bretton Woods system, but it was effectively pegged to sterling until 1967. With the breakdown of the Bretton Woods system in 1971, Australia converted the mostly-fixed peg to a moving peg against the U.S. dollar. In September 1974, Australia moved to a peg against a basket of currencies called the trade weighted index (TWI) in an effort to reduce fluctuations associated with its peg to the U.S. dollar. The peg to the TWI was changed to a moving peg in November 1976, causing the actual value of the peg to be periodically adjusted. In December 1983, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating "floated" the Australian dollar. From that point, movements in the Australian dollar continued to reflect the strength of its terms of trade. For decades, Australia's reliance upon commodity (mineral and farm) exports has seen the Australian dollar rally during global booms, and fall when mineral prices slumped or when domestic spending overshadowed its export earnings outlook. The currency's high volatility, currency exposure and interest swap has made the AUD one of the most traded currencies in the world, far in excess of the economy's importance (2% of global economic activity).

Current AUD exchange rates
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See also

References

1. ^ In commemoration of the 40th anniversary of decimal currency, the 2006 mint Proof and Uncirculated sets included 1 and 2 cent coins.
2. ^ "Dollar hits 23-year high", The_Age, 2007-10-12. Retrieved on 2007-10-12. 
3. ^ "Dollar hits 23-year high", The_Age, 2007-10-12. Retrieved on 2007-10-12. 

External links

(Note that a higher CPI figure indicates a reduction of value for the Australian dollar.)
Preceded by:
Australian pound
Reason: decimalisation
Ratio: 2 dollars = 1 pound		Currency of Australia, Christmas Island, Cocos Islands, Norfolk Island
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
Preceded by:
Australian pound
Reason: decimalisation
Ratio: 2 dollars = 1 pound		Currency of Solomon Islands
1966 – 1977		Succeeded by:
Solomon Islands dollar
 •  • [ e]
Australian currency
TopicsAustralian dollar Reserve Bank of Australia Note Printing Australia
MintsRoyal Australian Mint Melbourne Mint Perth Mint Sydney Mint
Coins1c 2c 5c 10c 20c 50c round 50c $1 $2 Pre- coins Coins of Coins of $
Banknotes$1 $2 $5 $10 $20 $50 $100
HistoricPound sterling Australian pound d 1d 3d 6d 1/- 2/- 5/- 10/- 1 5 10 20 50 100 1000
 •  • [ e]
Currencies named dollar or similar
CirculatingAustralian dollar Bahamian dollar Barbadian dollar Belize dollar Bermudian dollar Brunei dollar Canadian dollar Cayman Islands dollar Cook Islands dollar East Caribbean dollar Fijian dollar Guyanese dollar Hong Kong dollar Jamaican dollar Kiribati dollar Liberian dollar Namibian dollar New Zealand dollar Samoan tala Singapore dollar (dolar, வெள்ளி) Solomon Islands dollar Surinamese dollar New Taiwan dollar Trinidad and Tobago dollar United States dollar Zimbabwean dollar
Circulating, formerly a.k.a. dollarMalaysian dollar
ObsoleteAntigua dollar British North Borneo dollar British West Indies dollar Ceylonese rixdollar Confederate States of America dollar Continental dollar Danish rigsdaler Danish West Indian daler (dollar) Danish West Indian rigsdaler Dominican dollar Dutch rijksdaalder Greenlandic rigsdaler Grenadan dollar Hawaiian dollar (dala) Kiautschou dollar Malaya and British Borneo dollar Malayan dollar Mauritian dollar Mongolian dollar Nevisian dollar New Brunswick dollar Newfoundland dollar Norwegian rigsdaler Norwegian speciedaler Nova Scotian dollar Penang dollar Puerto Rican dollar Rhodesian dollar Saint Kitts dollar Saint Lucia dollar Saint Vincent dollar Sarawak dollar Sierra Leonean dollar Slovenian tolar Spanish dollar Straits dollar Sumatran dollar Swedish riksdaler Old Taiwan dollar Texan dollar Trinidadian dollar Tobagan dollar Tuvaluan dollar
Obsolete, a.k.a. dollarChinese yuan Ethiopian birr
ConceptualEurodollar International dollar Petrodollar Geary-Khamis dollar
VirtualLinden dollar
FictionalDollarpound
PrivateAntarctican dollar Calgary dollar Disney dollar Liberty dollar Toronto dollar Millennium Dollar
See alsoDollar sign Holey dollar Thaler $1
 •  • [ e]
Currencies of Oceania
Australian dollar (Kiribati, Nauru, Norfolk Island, Tuvalu) CFP franc(French Polynesia, New Caledonia, Wallis and Futuna) Cook Islands dollar Fijian dollar New Zealand dollar(Cook Islands, Niue, Tokelau, Pitcairn Islands) Papua New Guinean kina Samoan tala Solomon Islands dollar Tongan pa'anga U.S. dollar(American Samoa, Guam, Northern Mariana Islands, Marshall Islands, Federated States of Micronesia, Palau) Vanuatu vatu
ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO).
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Anthem
Advance Australia Fair [1]


Capital Canberra

Largest city Sydney
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Motto
Te Mauri, Te Raoi ao Te Tabomoa
(English: Health, Peace and Prosperity)
Anthem
Teirake Kaini Kiribati


Capital South Tarawa

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Motto
"God's Will First"
Anthem
Nauru Bwiema


Capital none1

Largest city Yaren
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Motto
"Tuvalu mo te Atua"   (Tuvaluan)
"Tuvalu for the Almighty"
Anthem
Tuvalu mo te Atua
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Anthem
Advance Australia Fair
Royal anthem
God Save the Queen

Capital
(and largest city) Flying Fish Cove ("The Settlement")
Official languages English (de facto)
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Capital West Island
Largest village Bantam (Home Island)
Official languages English (de facto)
Government Federal constitutional monarchy
 -  Queen Elizabeth II
 -  Administrator Neil Lucas
Territory of Australia
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Motto
"Inasmuch"
Anthem
Pitcairn Anthem


Capital Kingston
Largest city Burnt Pine
Official languages English, Norfuk
Government Self-governing territory
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Inflation is measured as the growth of the money supply in an economy, without a commensurate increase in the supply of goods and services. This results in a rise in the general price level as measured against a standard level of purchasing power.
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A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as
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Tuvaluan dollar
ISO 4217 Code AUD
User(s) Tuvalu

Inflation 3.9%
Source [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook], 2005 est.
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Kiribati dollar
ISO 4217 Code none
User(s) Kiribati

Inflation 0.5%
Source [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook], 2005 est.
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In currency, the cent is a monetary unit that equals 1/100 of various countries' basic monetary units. The word also refers to the coin which is worth one cent.

In the United States, Canada and Ireland, the 1¢ coin is generally known by the nickname penny
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A currency sign is a graphic symbol often used as a shorthand for a currency's name. Internationally, ISO 4217 codes are used instead of currency signs, though currency signs may be in common use in their respective countries.
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In currency, the cent is a monetary unit that equals 1/100 of various countries' basic monetary units. The word also refers to the coin which is worth one cent.

In the United States, Canada and Ireland, the 1¢ coin is generally known by the nickname penny
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Coins of the Australian dollar were introduced on 14 February 1966. It was equivalent in value to 10 shillings in the former currency (half of a pound).

Regular coinage


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The Australian 5 cent coin was first minted in 1966 with an initial mintage of 75.42 million, with very few of these still in circulation. The reverse side depicts an Echidna and the obverse side the head of state, Monarch Elizabeth II.
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The Australian 10 cent coin is the second least valued coin in circulation and also the second most produced coin. There have been no commemoratives for this denomination. Years without issue were 1986, 1987, 1995 and 1996. The lowest mintage was 1985 with only 2.1 million coins.
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The 20 cent coin of the Australian decimal currency system was issued with conversion to decimal currency on 14 February 1966.

There have been various reverses:
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The twelve-sided Australian 50 cent piece is the largest Australian coin currently issued and second largest after the Crown of 1937-38. Originally the coin was made of 80% silver and 20% copper, but as the value of a free-floating silver price became higher, the coins'
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The Australian 1 dollar coin was first issued in 1984 to replace the 1 dollar note then in circulation, this coin seems to be the most circulated denomination in Australia.
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The Australian 2 dollar coin was issued to replace the Two dollar note in 1988, the image of the Aboriginal Elder Gwoya Jungarai, known as One Pound Jimmy, by Artist Ainslie Roberts with the Southern Cross and grass tree (Xanthorrhoea).
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The banknotes of the Australian dollars, were first issued on the 14 February 1966.

Former series (paper)

The $5 note was not issued until 1967. The $1 (10/-,) $2 (£1,) $10 (£5,) and $20 (£10) had exact exchange rates with pounds, but the $5 (£2/10) did not, and so was
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The Australian five dollar banknote was issued one year after the currency was changed from the Australian pound to the Australian dollar on 14 February 1966. It was a new denomination, as the pound system had no £2½, with a new mauve colouration.
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Australian ten dollar banknote was issued when the currency was changed from the Australian pound to the Australian dollar on the 14 February 1966, it replaced the £5 note which had the same blue colouration.
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Australian twenty dollar banknote 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 the same orange colouration.
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Australian fifty dollar note is an Australian banknote with a face value of fifty Australian dollars ($50, AUD50). It is currently a polymer banknote, featuring portraits of David Unaipon and Edith Cowan.
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Australian one hundred dollar banknote was issued due to inflation in the year 1984. There have only been 2 different issues of this denomination, a greyish blue paper and from 1996 a green polymer.
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Economic policy
Monetary policy
Central bank   Money supply
Fiscal policy
Spending   Deficit   Debt
Trade policy
Tariff   Trade agreement

Finance
Financial market
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Reserve Bank of Australia
Headquarters Sydney

Governor Glenn Stevens
Central Bank of Australia
Currency Australian dollar
ISO 4217 Code AUD

Base borrowing rate 6.50%

Website www.rba.gov.
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