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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.
Metrication in Australia effectively began in 1966 with the conversion to decimal currency under the auspices of the Decimal Currency Board. [1] The conversion of measurements—metrication—commenced subsequently in 1971, under the direction of the Metric Conversion Board and actively proceeded until the Board was disbanded in 1981.
There is a market convention that rules the notation used to communicate the fixed and variable currencies in a quotation. For example, in a conversion from EUR to AUD, EUR is the fixed currency, AUD is the variable currency and the exchange rate indicates how many Australian dollars would be paid or received for 1 euro.
The factor–label method can convert only unit quantities for which the units are in a linear relationship intersecting at 0 (ratio scale in Stevens's typology). Most conversions fit this paradigm. An example for which it cannot be used is the conversion between the Celsius scale and the Kelvin scale (or the Fahrenheit scale). Between degrees ...
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.
In 1949, when the United Kingdom devalued sterling against the US dollar, Australian Prime Minister and Treasurer Ben Chifley followed suit so the Australian pound would not become over-valued in sterling zone countries with which Australia did most of its external trade at the time. As one pound sterling went from US$4.03 to US$2.80, the ...
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[7] [15] [16] Equivalently, by this definition, one au is "the radius of an unperturbed circular Newtonian orbit about the sun of a particle having infinitesimal mass, moving with an angular frequency of 0.017 202 098 95 radians per day "; [17] or alternatively that length for which the heliocentric gravitational constant (the product GM ...