Search results
Results from the WOW.Com Content Network
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 Treasury was established in Melbourne in January 1901, after the federation of the six Australian colonies. [3] In 1910, the federal government passed the Australian Notes Act 1910 which gave control over the issue of Australian bank notes to The Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.
Prior to 1983, Australia maintained a fixed exchange rate. The Australian pound was initially at par from 1910 with the British pound or A£1 = UK£1; from 1931 it was devalued to A£1 = 16s sterling. This reflected its historical ties as well as a view about the stability in value of the British pound.
At the time, the Treasury of Australia maintained the role of issuing bank notes through the Australian Notes Act 1910. [16] The bank was also the first bank in Australia to receive a federal government guarantee. The Commonwealth Bank gradually acquired central bank functions.
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 Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
18 November – Prime Minister Malcolm Fraser announces that Treasury will be split into separate departments of Treasury and Finance. 28 November – Federal Cabinet agrees to a 17.5% devaluation of the dollar (which brought it almost to parity with the US dollar) and the 'adoption of a flexibly administered exchange rate, somewhat along the ...
The exchange rate between the Australian and British pounds was set at 0.8 GBP (16 shillings sterling; A£1 5s = £1 sterling). However, those new developments did not entirely supplant the traditional relationship with Britain, and Australia remained a part of the " Sterling Zone " until 1967.
City Bank of Sydney in Australia cancelled £20 banknote Commonwealth of Australia, £1 (1918) [nb 1] The Fisher Government's Australian Notes Act 1910 [6] gave the Governor-General the power to authorise the Treasurer to issue "Australian notes" as legal tender, "payable in gold coin on demand at the Commonwealth Treasury". It also prohibited ...