Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of A$1 = 8 U.K. The Australian pound was replaced by the Australian dollar on 14 February 1966 with the conversion rate of A$2 = A£1.
This met with widespread public disapproval, and three months later it was announced that it would instead be named the "dollar". In June 1963, Holt announced that the new currency would be called the "royal". Ī public consultation process was held in which over 1,000 names were suggested for the new currency. In April 1963, Holt announced that a decimal currency was scheduled to be introduced in February 1966, with a base unit equal to 10 shillings, and that a Decimal Currency Board would be established to oversee the transition process. The Menzies Government announced its support for decimalisation in July 1961, but delayed the process in order to give further consideration to the implementation process. The committee reported in August 1960 in favour of decimalisation and recommended that a new currency be introduced in February 1963, with the adoption to be modelled on South Africa's replacement of the South African pound with the rand worth 10 shillings or 1⁄ 2 pound. Scott, to examine the merits of decimalisation. In February 1959, Treasurer Harold Holt appointed a Decimal Currency Committee, chaired by Walter D. In 1937, the Banking Royal Commission appointed by the Lyons Government had recommended that Australia adopt "a system of decimal coinage … based upon the division of the Australian pound into 1000 parts". In 1902, a select committee of the House of Representatives, chaired by George Edwards, had recommended that Australia adopt a decimal currency with the pound divided into ten florins and the florin into 100 cents. The Australian pound was introduced in 1910 at par with the pound sterling or A£1 = UK£1 until 1931, when it was devalued to A£1 = UK£0.8 or 16 shillings UK. See also: History of Australian currency Early moves towards decimalisation īefore the adoption of the current Australian dollar in 1966, Australia's currency was the Australian pound, which like the British pound sterling was divided into 20 shillings and each shilling was divided into 12 pence, making a pound worth 240 pence. Australian coins are now produced at the Royal Australian Mint in Canberra. These, however, although having the status of legal tender, are almost never circulated or used in payment of debts, and are mostly considered bullion coins. Under this provision the Perth Mint, owned by the Western Australian government, still produces gold and silver coins with legal tender status, the Australian Gold Nugget and Australian Silver Kookaburra. Section 115 of the Constitution provides: "A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts." The currency power must be read in conjunction with other parts of the Australian Constitution. Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender". In the same year, there were A$71.12 billion in Australian currency in circulation, or A$2,932 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve. 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. The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of two dollars to the pound. 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. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar ( sign: $ code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island.
Tuvaluan dollar and Kiribati dollar at par
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