Lyla Lindsey
The Australian dollar is the official currency of Australia and its external territories, as well as the official currency of three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar is made up of 100 cents and is often presented with the symbol '$', 'A$', or 'AU$'. The currency code for the Australian dollar is AUD. If there is any chance of confusion with other currencies, it is recommended to place an 'A' before the '$' symbol or use the 3-letter currency code.
| Characteristics | Values |
|---|---|
| Currency Name | Australian Dollar |
| Currency Symbol | $ |
| Currency Code | AUD |
| Other Abbreviations | A$, AU$ |
| Coins | 5 cents, 10 cents, 20 cents, 50 cents, 1 dollar, 2 dollars |
| Banknotes | 5, 10, 20, 50, 100 |
| Official Currency | Australia, Kiribati, Nauru, Tuvalu |
| Former Official Currency | Papua New Guinea (until 1975), Solomon Islands (until 1977) |
| Monetary Policy | Set by the Reserve Bank of Australia |
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What You'll Learn
Australian Dollar: Currency Symbol, Abbreviation and ISO Code
The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. It was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. The Australian dollar is subdivided into 100 cents and is often presented with the currency symbol $.
To distinguish it from other dollar-denominated currencies, the Australian dollar is also abbreviated as A$ or AU$. The dollar symbol $ precedes the amount and is usually used in text and tables when referencing Australian dollars. However, if there is a chance of confusion with other currencies, it is recommended to place 'A' before the '$' symbol, without inserting a space between them. For example, this would be appropriate for users outside Australia or if the content references multiple currencies.
The Australian dollar also has an ISO code, AUD, which is sometimes used instead of the currency symbol. The ISO code is useful when the symbol may be less familiar to readers or when consistency is needed when referring to different currencies in tables or text. The ISO code is constructed by combining the ISO code for the country or zone with the currency abbreviation. For example, AUD for Australian dollars combines the country code "AU" with the currency abbreviation "D" for dollars.
Australian coins are produced by the Royal Australian Mint in Canberra and come in denominations of 5, 10, 20, 50 cents, 1 dollar, and 2 dollars. Australian banknotes are available in denominations of 5, 10, 20, 50, and 100 dollars.
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History of Australian Currency
Australia's currency is the Australian dollar, which is subdivided into 100 cents. The currency symbol for the Australian dollar is the dollar symbol ($), and AUD is its ISO 4217 code. The Australian dollar is abbreviated to A$ or AU$ to distinguish it from other dollar-denominated currencies.
Before European colonisation, Aboriginal Australian communities traded using items such as tools, food, ochre, shells, raw materials, and stories. There is no evidence of the use of currencies during this time. After colonisation on 26 January 1788, New South Wales became a British colony and was provided with insufficient English currency for formal circulation, leading to the use of alternative forms of exchange.
In 1854, the Sydney Mint opened and issued half sovereigns and sovereigns, with the Melbourne Mint following suit in 1872. At Federation in 1901, the currency used in the Australian colonies that became states consisted of British silver and copper coins, Australian-minted gold sovereigns and half sovereigns, locally minted copper trade tokens, and private bank notes. The Queensland government issued treasury notes and banknotes that were legal tender in Queensland, and the New South Wales government issued a limited series of treasury notes in 1893.
In 1910, the federal Labor Government of Prime Minister Andrew Fisher assumed power over currency matters, passing the Australian Notes Act, which introduced a national currency, the Australian pound. The Australian pound was at par with the pound sterling, with one Australian pound being equal to one pound sterling. The Australian pound was divided into 20 shillings, and each shilling was divided into 12 pence, making a pound worth 240 pence.
In 1966, the Australian pound was decimalised as the Australian dollar, with a conversion rate of two dollars to the pound. The $ symbol was intended to have two strokes, but the version with one stroke has always been acceptable. The Australian dollar was introduced as a decimal currency on 14 February 1966 and has been the official currency and legal tender of Australia and its external territories ever since.
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Australian Coins
Australia's official currency is the Australian dollar, which is divided into 100 cents. The currency symbol for the Australian dollar is '$', and the code is 'AUD'. When there is a chance of confusion with other currencies, the dollar sign can be prefixed with an 'A', as in 'A$'.
Before the Australian dollar was introduced in 1966, the country used pounds, shillings, and pence. During the early days of the Australian colonies, foreign as well as British currency was used. The first British coins to be officially exported to the Australian colonies were George III one-penny coins, known as "Cartwheel pennies". These were dated 1797 and 1799, with Britannia on one side and King George III on the other. In 1812, Governor Lachlan Macquarie of New South Wales bought Spanish dollar coins, which were cut into segments and assigned different values. These were known as "'Holey dollars'" and were valued at five shillings, with the piece from the middle being called the "Dump" and valued at around 15 pence.
In 1966, the Australian dollar was introduced as a decimal currency, replacing the non-decimal Australian pound at a conversion rate of two dollars to the pound. That year, coins were introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel); and 50 cents (silver, then cupronickel). The 50-cent coins in 80% silver were no longer minted after March 1968 due to the intrinsic value of the silver content rising to exceed the face value of the coins.
Today, Australian coins are produced by the Royal Australian Mint in Canberra. The current coins in circulation include 5, 10, and 20-cent pieces, as well as $1 and $2 coins. The $1 and $2 coins are gold-coloured, with the $2 coin being smaller than the $1 coin. The 1- and 2-cent coins were discontinued in 1990 and withdrawn from circulation in 1992 due to the metal exceeding face value.
The Royal Australian Mint also releases collectible coins, such as the famous 1980-1994 gold two-hundred-dollar coin series. These collectible coins are legal tender and can be used as currency or converted to standard coinage at a bank.
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Australian Banknotes
The Australian dollar (AUD) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. The $ symbol is used to denote the Australian dollar, sometimes prefixed with an 'A' to distinguish it from other dollar-denominated currencies (A$).
The latest series of Australian banknotes were released between 2016 and 2020, with the new $5 note being issued on National Wattle Day in 2016, followed by the $10, $50, $20, and $100 notes in subsequent years. These banknotes feature a tactile element and enhanced security features. Despite inflation, there are currently no plans to release notes with denominations higher than $100.
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The Float of the Australian Dollar
The Australian dollar is abbreviated to $, AUD, A$ or AU$.. The $ symbol is intended to have two strokes, but the version with one stroke is also acceptable.
The Australian dollar was floated on 12 December 1983, with the exchange rate reflecting the balance of payments, as well as supply and demand on international money markets. The decision was made by the Australian Labor government, led by Prime Minister Bob Hawke and Treasurer Paul Keating, on 8 December 1983 and announced on 9 December 1983.
The decision to float the dollar was one of the most significant economic policy decisions in Australia's modern history. It was a key part of a sequence of important decisions that opened up the Australian economy and its financial system to international forces, changing it profoundly. The float helped to stabilise domestic monetary conditions and meant the Reserve Bank could conduct monetary policy more effectively, including targeting the inflation rate.
The Australian dollar's value against the US dollar in December 1983 was not very different from its current value. It was worth about 90 US cents, down from its highest point in the 1970s under the fixed exchange rate system of US$1.4875. The trade-weighted index was 81 (about 72 today), down from a high of around 120.
Initially, after the float, the exchange rate rose for some months before settling back. There was a further very distinct leg down beginning in early 1985, with credit rating downgrades and fears that the currency might collapse. However, by the mid-1980s, the currency had adjusted to a lower mean value.
Since the float, the Australian dollar has fluctuated from a low of 47.75 US cents in April 2001 to a high of US$1.10 in July 2011. The floating of the dollar integrated Australian markets with the world and increased confidence in the economy. It also meant the Reserve Bank gave up any ability to control the amount of cash in money markets and thus influence the dollar’s exchange rate. However, by the mid-1970s, there was so much cash in global markets that the RBA was losing its capacity to regulate the exchange rate anyway.
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Frequently asked questions
The Australian currency is the Australian dollar, which is made up of 100 cents.
The Australian dollar is abbreviated to $, A$ or AU$. AUD is also used as the currency code.
Use $ when it is clear that the content is referencing Australian dollars. If there is a chance of confusion, place ''A'' or ''AU'' before the '$' symbol.
