The national currency of Australia is the Australian dollar (AUD). There is only one currency in Australia and the Australian dollar is available in denominations of $5, $10, $20, $50, and $100 notes. There are also coins available in the Australian dollar. The coins are available in 5, 10, 20, and 50 cents as well as one and two-dollar denominations.
The Australian dollar is also the official currency of external territories that include Christmas Island, Cocos Islands, and Norfolk Island. Moreover, it is also the official currency of three independent Pacific Island states Kiribati, Nauru, and Tuvalu. The Australian dollar is the 5th most traded currency in the world.
Overview of the Australian Dollar
Australian Dollar Profile
|Symbols||$, A$, AU$|
|Nicknames||Buck, dough, Aussie|
|ISO 4217 code||AUD|
|Central bank||Reserve Bank of Australia|
|Currency subunits||Cent = 1/100|
|Denominations||Banknotes: $5, $10, $20, $50, $100 Coins: 5c, 10c, 20c, 50c, $1, $2|
|Countries using this currency||Australia Ashmore and Cartier Islands (Australian Territory) Australian Antarctic Territory (Australian Territory) Christmas Island (Australian Territory) Cocos (Keeling) Islands (Australian Territory) Coral Sea Islands (Australian Territory) Heard Island and McDonald Islands (Australian Territory) Norfolk Island (Australian Territory) Kiribati Nauru Tuvalu|
|Currencies pegged to AUD||Tuvaluan Dollar Kiribati Dollar|
|AUD is pegged to||N/A|
Banknote Series of Australian Dollar
|Note||Obverse||Reverse||Dimensions (mm)||Main color||Embossing||Issued|
|$5||Queen Elizabeth II||Parliament House||130 × 65||Violet, purple||Federation star||1 September 2016|
|$10||Banjo Paterson||Dame Mary Gilmore||137 × 65||Blue||Pen nib||20 September 2017|
|$20||Mary Reibey||Reverend John Flynn||144 × 65||Red/Orange||Compass||9 October 2019|
|$50||David Unaipon||Edith Cowan||151 × 65||Yellow||Book||18 October 2018|
|$100||Dame Nellie Melba||Sir John Monash||158 × 65||Green||Fan||29 October 2020|
|1c||17.65 mm||>1.4 mm||2.60 g||97% copper 2.5% zinc 0.5% tin||Queen Elizabeth II||Feathertail glider|
|2c||21.59 mm||<1.9 mm||5.20 g||Frill-necked lizard|
|5c||19.41 mm||1.3 mm||2.83 g||Cupronickel 75% copper 25% nickel||Queen Elizabeth II||Echidna|
|10c||23.60 mm||2.0 mm||5.65 g||Superb lyrebird|
|20c||28.65 mm||2.5 mm||11.3 g||Platypus|
|50c||31.65 mm||2.5 mm||15.55 g||Coat of arms|
|$1||25.00 mm||2.8 mm||9.00 g||92% copper 6% aluminum 2% nickel||Queen Elizabeth II||Five kangaroos|
|$2||20.50 mm||3.0 mm||6.60 g||Aboriginal elder and Southern Cross|
History of Australian Money
The initial history of Australian money started in 1788 when the colony of New South Wales was established. During that time people used to barter and rum as a makeshift currency. Then in 1792, Spanish dollars were sent to Australia to use as currency along with other international currencies. However, during that time, there was a shortage of currencies so the authority decided to introduce new forms of money. So, there were lots of new forms of money in that decade including the holey dollar and dump, promissory notes, IOUs, copper tokens, etc. Then in 1825, the British Government introduced the sterling currency for the colony of New South Wales and it remained the main currency of Australia till the introduction of the Australian dollar.
In 1910, the Australian pound was at par with the pound sterling or A£1 = UK£1. But in 1931, the Australian pound was devalued to A£1 = UK£0.8. Then in 1959, Treasurer Harold Holt decided to introduce decimal currency and formed a committee to examine the merits of decimalization. In 1960, the committee gave their verdict in favor of decimal currency. Moreover, The Menzies Government also gave their support for decimalization. So, in April 1963 Harold Holt declared that a decimal currency would be introduced in February 1966. After completing all the official procedures, the Australian dollar replaced the Australian pound on 14 February 1966 with the conversation rate of A$2 = A£1.
US Dollars to Australian Dollar Exchange Rate
The exchange rate of US dollars to the Australian dollar is not fixed so it varies from time to time. Usually, the US dollar is about $.09-$.4 stronger than the Australian dollar. It means on average, $1 USD is equivalent to approximately $1.40 AUD. On the other hand, $1 AUD is equivalent to $0.68 USD. At the time of writing –
|$1 USD||$1.45 AUD|
|$10 USD||$14.50 AUD|
|$100 USD||$145 AUD|
|$1000 USD||$1450 AUD|
|$10000 USD||$14500 AUD|
|$100000 USD||$145000 AUD|
|$1000000 USD||$1450000 AUD|
|$10000000 USD||$14500000 AUD|
FAQs about What is the Money in Australia Called
What are the most traded currencies in the world?
Below is a list of the 10 most traded currencies in the world –
- The U.S. Dollar
- The Euro
- The Japanese Yen
- The Great British Pound
- The Australian Dollar
- The Canadian Dollar
- The Swiss franc
- The Renminbi
- The Hong Kong dollar
- The New Zealand dollar
What do Australians call their coins?
Australians call their coins cent. The Australian currency has 8 types of coins. Among these coins 6 are cents and 2 of them are dollars. The cents are 1c, 2c, 5c, 10c, 20c, and 50c. The 1c and 2c are no longer issued by the Reserve Bank of Australia. The dollar coins are $1 and $2.
What do you call a $100 note in Australia?
In Australia, the 100-dollar note has quite a few names like a “jolly green giant”, a lime, or a “green tree frog”, etc.
Are US dollars accepted in Australia?
Unfortunately, the US dollar is not legal tender in Australia. So, it means US dollars are not accepted in Australia and you can’t use US dollars in Australia. So, if you are planning to visit Australia then you have to convert your US dollars into Australian dollars.
What are Australia’s largest banks?
Some of the largest banks in Australia are –
- Commonwealth Bank
- Australia and New Zealand Banking Group (ANZ)
- National Australian Bank (NAB)
- Westpac Bank
- Bank of Queensland
- Macquarie Bank
- Bendigo Bank
- AMP Bank Ltd
- Suncorp Bank
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Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.