What is the Money in Australia Called?

What is the Money in Australia Called?

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$
NicknamesBuck, dough, Aussie
ISO 4217 codeAUD
Central bankReserve Bank of Australia
Currency subunitsCent = 1/100
DenominationsBanknotes: $5, $10, $20, $50, $100 Coins: 5c, 10c, 20c, 50c, $1, $2
Countries using this currencyAustralia 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 AUDTuvaluan Dollar Kiribati Dollar
AUD is pegged toN/A

Banknote Series of Australian Dollar

NoteObverseReverseDimensions (mm)Main colorEmbossingIssued
$5Queen Elizabeth IIParliament House130 × 65Violet, purpleFederation star1 September 2016
$10Banjo PatersonDame Mary Gilmore137 × 65BluePen nib20 September 2017
$20Mary ReibeyReverend John Flynn               144 × 65Red/OrangeCompass9 October 2019
$50David UnaiponEdith Cowan151 × 65YellowBook18 October 2018
$100Dame Nellie MelbaSir John Monash158 × 65GreenFan29 October 2020
What is the Money in Australia Called
IMage Source: cocktailrevolution .net .au

Australian Coins

Coin ValueDiameterThicknessWeightCompositionObverseReverse
1c17.65 mm>1.4 mm2.60 g97% copper 2.5% zinc 0.5% tinQueen Elizabeth II            Feathertail glider
2c21.59 mm<1.9 mm5.20 gFrill-necked lizard
5c19.41 mm1.3 mm2.83 gCupronickel 75% copper 25% nickelQueen Elizabeth IIEchidna
10c23.60 mm2.0 mm5.65 gSuperb lyrebird
20c28.65 mm2.5 mm11.3 gPlatypus
50c31.65 mm2.5 mm15.55 gCoat of arms
$125.00 mm2.8 mm9.00 g92% copper 6% aluminum 2% nickelQueen Elizabeth IIFive kangaroos
$220.50 mm3.0 mm6.60 gAboriginal elder and Southern Cross
Image Source: istockphoto .com

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 –

  1. The U.S. Dollar
  2. The Euro
  3. The Japanese Yen
  4. The Great British Pound
  5. The Australian Dollar
  6. The Canadian Dollar
  7. The Swiss franc
  8. The Renminbi
  9. The Hong Kong dollar
  10. 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
  • Bankwest            

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Last Updated on August 7, 2022 by Ana S. Sutterfield

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