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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.
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 ...
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.
Before the switch to standard time zones, each local city or town was free to determine its local time, called local mean time. Now, Western Australia uses Western Standard Time; South Australia and the Northern Territory use Central Standard Time; while New South Wales, Queensland, Tasmania, Victoria, Jervis Bay Territory, and the Australian ...
Money transformed the entire idea of the barter system. A medium of exchange for centuries, it keeps the world in flow, enables countries to trade, store wealth and foster friendly relationships.
The Joachimsthaler of the Kingdom of Bohemia was the first thaler (dollar). Dollar is the name of more than 25 currencies.The United States dollar, named after the international currency known as the Spanish dollar, was established in 1792 and is the first so named that still survives.
Its note printing branch was corporatised in July 1998, as Note Printing Australia, which is a now a wholly owned subsidiary of the RBA. Initially, the Australian pound was officially distinct in value from the British pound sterling, but Australia's monetary policy was for it to be fixed in value to the pound sterling at parity.
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