Leslie Massey
The Australian dollar (AUD) is the official currency of Australia and several countries and territories, including Christmas Island, Cocos Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati. The Australian dollar was introduced in 1966, replacing the Australian pound. It is divided into 100 cents, and its coins are issued in denominations of 5c, 10c, 20c, 50c, $1, and $2. The Australian dollar is popular among currency traders due to its high interest rates, stable economy, and exposure to Asian economies. It is also known as a commodity currency due to Australia's exports of raw materials.
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What You'll Learn
Australian dollar exchange rates
The Australian dollar (AUD) is the official currency and legal tender of Australia and its external territories: Christmas Island, Cocos (Keeling) Islands, Norfolk Island, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. It was also legal tender in Papua New Guinea until 1975 and in the Solomon Islands until 1977. The Australian dollar is commonly abbreviated to $, or sometimes A$ or AU$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents and has been in circulation since 1966, when it replaced the Australian pound at an exchange rate of A£1 = A$2.
The Australian dollar is the fifth-most traded currency in the world and is popular with currency traders due to several factors: 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.
The AUD/USD currency pair is one of the most frequently traded globally. AUD exchange rates are tied to the demand for Australia's natural resources from Asian countries, especially China and India. This means the Australian dollar is also known as a commodity currency. The exchange rate of AUD to USD varies, although generally, the USD is about $0.09-$0.40 stronger than the AUD. For example, in 2024, $1.00 USD was worth $1.40 AUD, and $1.00 AUD was worth $0.67 USD. In 2022, $100 USD was worth $151.17 AUD.
The Royal Australian Mint has a reputation for producing quality numismatic coins, including special edition coins and notes to commemorate various events.
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Australian dollar denominations
The Australian dollar (AUD) is the official currency of Australia and its external territories, including Christmas Island, Cocos Islands, Norfolk Island, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar is also legal tender in these countries and territories.
The Australian dollar is subdivided into 100 cents. The coins currently in circulation are 5c, 10c, 20c, and 50c, as well as $1 and $2 coins. The $1 and $2 banknotes were replaced by smaller coins of the same value in 1984 and 1988, respectively. The 1c and 2c coins were withdrawn from circulation in 1992.
The Australian dollar was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound at a rate of two dollars to the pound (A£1 = A$2). The first coins introduced included 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, and 50 cents. The first paper issues of the Australian dollar were also issued in 1966, with $1, $2, $10, and $20 notes having exact equivalents in the former pound notes. The $5 note was issued the following year, the $50 in 1973, and the $100 in 1984.
The Royal Australian Mint, responsible for the coins of the Australian dollar, has an international reputation for producing quality numismatic coins. It first issued commemorative 50-cent coins in 1970, commemorating James Cook's exploration of the east coast of the Australian continent. Commemorative designs have also been featured on the circulating two-dollar, one-dollar, and 20-cent coins.
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Australian dollar in other countries
The Australian dollar is the official currency and legal tender of Australia, including all of its territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. In these three countries, the Australian dollar is the dominant currency.
The Australian dollar is also legal tender in Papua New Guinea and the Solomon Islands until 1975 and 1977, respectively. The Australian dollar was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. It is subdivided into 100 cents, and its symbol is the dollar sign ($), which precedes the amount.
Note Printing Australia has printed polymer notes for a growing number of other countries, including New Zealand, Papua New Guinea, Singapore, Chile, Malaysia, Vietnam, Romania, Northern Ireland, Taiwan, Mexico, Thailand, and Brazil. Many countries are interested in Australia's new polymer banknote technology, which is more durable and easily recyclable than paper notes.
The Australian dollar is one of the most traded currencies in the world, influenced by commodity prices and the country's balance of trade in minerals and agricultural products. It is also known as a "commodity currency" due to its tie to demand for Australia's natural resources from Asian countries, especially China and India.
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Australian dollar coins
The Australian dollar (AUD) is the official currency of Australia and several other countries and territories, including Christmas Island, Cocos Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati. It is subdivided into 100 cents and its coins are issued in denominations of 5c, 10c, 20c, 50c, $1, and $2. The $1 and $2 banknotes were replaced by coins of the same value in 1984 and 1988, respectively. The $1 coin, first introduced in 1984, features a design of five kangaroos on its reverse, chosen from submissions received from the designer, Stuart Devlin. The $1 and $2 coins are composed of 92% copper, 6% aluminium, and 2% nickel, with the $2 coin being smaller in diameter but slightly thicker than the $1 coin.
The Australian dollar was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound at an exchange rate of one dollar to half a pound (or A£1 = A$2). The coins of the Australian dollar were introduced on the same day, although they did not initially include the one-dollar or two-dollar coins. The first coins introduced were the 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, and 50 cents. The 1 cent and 2 cent coins were discontinued and withdrawn from circulation in the 1990s, and are now only minted as collectors' items.
The Royal Australian Mint has an international reputation for producing quality numismatic coins and regularly releases commemorative coins to celebrate various events. Some of these include the 50-cent coin commemorating James Cook's exploration of the Australian east coast in 1970, the 1981 wedding of Charles, Prince of Wales, and Lady Diana Spencer, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Commemorative designs have also been featured on the circulating $2, $1, and 20 cent coins. In 2013, Australia's first triangular coin was introduced to mark the 25th anniversary of the opening of Parliament House.
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Australian dollar notes
The Australian dollar (AUD) is the official currency and legal tender of Australia, as well as its external territories: Christmas Island, Cocos (Keeling) Islands, Norfolk Island, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar was introduced in 1966 to replace the Australian pound, with the conversion rate of two dollars to the pound.
Australia was the first country to introduce polymer notes, and each denomination differs in size, colour, and the images depicted. All Australian notes are made of polymer, which makes them highly durable and difficult to replicate. The Reserve Bank of Australia issues AUD notes in five denominations: $5, $10, $20, $50, and $100. The $50 and $100 notes were introduced in response to inflation, requiring larger denominations for transactions. The $1 and $2 notes were replaced by coins in 1984 and 1988, respectively. Although no longer printed, all previous notes of the Australian dollar are still considered legal tender.
The $10 note has the portraits of poets AB 'Banjo' Paterson and Dame Mary Gilmore. The unique feature of the $10 note is that it includes extracts from the works of the poets featured on the note. The $20 note features philanthropist Mary Reibey and aerial medical service pioneer, the Reverend John Flynn.
In 2015, the Reserve Bank of Australia announced that the next series of Australian notes would have a tactile feature to help the visually impaired community determine the value of the note. The new $5 note with this feature was issued in 2016, followed by the new $10 banknote in 2017, the $50 note in 2018, the $20 note in 2019, and the $100 note in 2020.
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Frequently asked questions
The Australian dollar (AUD) is the official currency of Australia.
The Australian dollar was introduced in 1966, replacing the Australian pound.
The Australian dollar symbol is $, but it is also abbreviated as AUD, A$ or AU$.
Australian dollar coins are often called "bucks" and the notes are called "dough".
The Australian dollar is one of the most traded currencies in the world. It is also popular with currency traders due to its high interest rates, stable economy, and exposure to Asian economies.
