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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.
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.
Karina Nartiss, a young Latvian immigrant to Australia, was paid £10/10/- to model as a representation of "Science and Industry" on the £10 note. Sir Henry Parkes, GCMG: $1: C: P: 1996: Centenary of Parkes' death. $5: N: P: 2001 [35] Centenary of Federation special issue Admiral Arthur Phillip, RN: £10: N: P: 1954-66 [36] Replaced the image ...
In 1910, the Commonwealth passed the Australian Notes Act of 1910 to initiate banking and currency reform. The Act stipulated that six months after the date of passage (16 September 1910), private banks could no longer issue any form of money, and that any note or instrument issued by a State Bank would no longer be considered legal tender. [3]
They were first issued as currency in Australia during 1988 (coinciding with Australia's bicentennial year); by 1996, the Australian dollar was switched completely to polymer banknotes. Romania was the first country in Europe to issue a plastic note in 1999 and became the third country after Australia and New Zealand to fully convert to polymer ...
Section 51 (xii) is a subsection of section 51 of the Constitution of Australia, that gives the Commonwealth Parliament the right to legislate with respect to "currency, coinage, and legal tender". Generally, powers in section 51 of the Constitution of Australia can also be legislated on by the states, although Commonwealth law will prevail in ...
The float of the Australian dollar happened in 1983, around the same period of time that the financial system in Australia was deregulated. Administration of the banks was transferred in 1998 from the bank to the Australian Prudential Regulation Authority and the Payments System Board was created, while the bank was given power within the board ...