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When Australia was part of the fixed-exchange sterling area, the exchange rate of the Australian dollar was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.
The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; [2] [3] and also referred to as the dollar or Aussie 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.
On 12 December 1983, Australia floated the Australian dollar, with the exchange rate reflecting the balance of payments and other market drivers. Immediately after 1945 Australia continued to be governed by the ALP, which adopted a policy of reconstruction based on the principles of "nationalisation and rationalisation". [ 22 ]
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
In 1971 Australia changed its peg to the US dollar and in June 1972, the sterling area as an exchange control area was shrunk to include only the British Isles. In September 1972, Australia responded by amending its own exchange control legislation accordingly, and with the floating of the British unit, which began in June 1972, all former ...
Bank currency exchange involves more than a simple swap of one currency for another. Most banks that offer currency exchange deal with major global currencies and base their rates on current ...
Australian Journal of International Affairs 70.6 (2016): 625-640. Siracusa, Joseph M., and David G. Coleman eds. Australia Looks to America: Australian–American Relations, since Pearl Harbor (Regina Books, 2006). Stuart, David. "American trade with the British colony of New South Wales, 1792–1816—A reappraisal." History Compass 18.12 ...
British currency became the official currency of the Australian colonies after 1825, with almost £100,000-worth of British coins being imported during 1824–25. The Holey dollar was no longer legal tender after 1829. The most notable Holey Dollar was the "Hannibal Head" a one of a kind coin that features the portrait of King Joseph I of Spain ...