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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 notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the pound with the dollar. [1] This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence.
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.
The Australian dollar – a legacy of Holt's period as Treasurer – came into circulation on 14 February 1966, less than a month after his prime ministership began. In November 1967, the British government unexpectedly announced that it would be devaluing the pound sterling by 14 percent.
The Australian five-dollar note was first issued on 29 May 1967, fifteen months after the currency was changed from the pound to the dollar on 14 February 1960. It was a new denomination with mauve colouration – the pre-decimal system had no denomination with a value of £2 1 ⁄ 2.
Australian currency was originally based on British pounds, shillings and pence. That changed in 1966, when the country converted to Australian dollars and cents, similar to the U.S. system.
"Design of the new decimal currency", first broadcast by the ABC in 1964. The Royal Australian Mint has announced that, following the death of Queen Elizabeth II in 2022, it will produce one million $1 coins bearing King Charles' face in 2023 [1] with the new effigy to fully replace a temporary memorial effigy of Queen Elizabeth II by May 2024. [2]
Ross Smith of St Kilda wins the 1967 Brownlow Medal [43] Sturt Football Club won the 1967 South Australian National Football League grand final, defeating Port Adelaide 13.10 (88) to 10.17 (77) [44] Perth defeats East Perth 18.12 (120) to 15.12 (102) in front of 42,625 people to win the Western Australian National Football League grand final [44]
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