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The Australian Dollar (AUD) is the currency unit used in the Commonwealth of Australia. The Australian Dollar symbol is $. Commonwealth of Australia states include Cocos Islands, Norfolk Island, Pacific Island states, Christmas Island, and Australia. The Dollar is rated by the World Foreign Exchange market as the fifth most-traded currency in the world. The Australian Dollar is also known as the “Aussie”.
- Australia has a strongly developed and established modern economy.
- In 2011, Australia was rated the 13th biggest economy by GDP.
- Australia‘s economy relies on the service industry, which contributes 60% of the total GDP.
- Import products are computers, machines, telecommunication parts, equipment, petroleum products, and crude oil.
- Export products include gold, meat, aluminia, wool, wheat, iron ore, and coal. The total export value for the year 2010 is estimated at $2.107 billion AUD.
- The Australian Dollar replaced the Australian Pound in 1966. The currency was valued at 2 AUD = 1 Pound and the first coins introduced were 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, and 50 cents.
- In 1967, Australia abandoned the sterling standard and pegged the Australian dollar to the United States Dollar at a rate of 1 AUD = 1.12 USD.
- In 1983, the AUD became a floated currency.
- In 1984, the Australian one-dollar coin was introduced; in 1988 the two-dollar coin was introduced.
- In 2006, the 1-cent and 2-cent coins were discontinued and taken out of circulation.
- Australia has made special edition coins and notes to commemorate events, such as the Commonwealth Games of 1982.
Symbols and Names
- Symbols: Dollar – $, A$, AUD. cent – c
- Nicknames: Aussie, Menzies
Countries Using This Currency
- Ashmore and Cartier Islands (Australian Territory)
- Australian Antarctic Territory (Australian Territory)
- Christmas Island (Australian Territory)
- Cocos (Keeling) Islands (Australian Territory)
- Coral Sea Islands (Australian Territory)
- Heard Island and McDonald Islands (Australian Territory)
- Norfolk Island (Australian Territory)
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Currencies Pegged To AUD.
- Tuvaluan Dollar
- Kiribati Dollar
AUD Is Pegged To:
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