Australian Dollar (AUD)

The Australian Dollar is the official currency of Australia, and is represented by the ‘$’ symbol. Like the US Dollar, Australian Dollars are often called ‘Bucks’ or ‘Dough’. Today, the Australian Dollar (AUD) is the fifth most traded currency in the world.

The Australian Dollar AUD

The Australian Dollar is the official currency of Australia, and is represented by the ‘$’ symbol. Like the US Dollar, Australian Dollars are often called ‘Bucks’ or ‘Dough’. Today, the Australian Dollar (AUD) is the fifth most traded currency in the world.

Key characteristics of the Australian Dollar

A brief history of the Australian Dollar

In 1788, when New South Wales (the country we now call Australia) was first established as an English colony, the English Pound was the official currency. By 1910, however, following a period of gold rushes, Australia introduced its own national currency: the Australian Pound. This currency employed a gold standard, and was fixed in value to the English Pound. 

Later, in 1966, the Australian Dollar was introduced, along with a decimal system. This meant British pounds, shillings, and pence were replaced by dollars and cents, all issued by the Reserve Bank of Australia. The AUD was pegged to the US Dollar – and it soon became known as a commodity currency due to the nation’s substantial raw material exports. As a result, the value of the AUD is often affected by other large import markets in Asia, such as China. 

3 fun facts about the Australian Dollar

#1 Early Australian currency was ‘holey’

In 1813, to combat the illegal use of Spanish Dollars, the centres of Australian coins were cut out. These coins became known as ‘holey dollars’ and were Australia’s first form of coinage. 

#2 Australia launched the first ever polymer banknote

In 1988, Australia introduced the first ever polymer banknote to help prevent counterfeiting. These new banknotes could also be recycled into plastic products when recalled from circulation.

#3 Australian Dollar and Japanese Yen are often exchanged in ‘carry trades’

The Australian Dollar comes with a relatively high interest rate, and so is often used in ‘carry trades’ with the Japanese Yen. A ‘carry trade’ is a trade in which a currency with low interest is sold to buy a buy a currency with high interest. 

Which countries use the Australian Dollar?

The Australian Dollar is the official currency in: Australia, Christmas Island, Cocos (Keeling) Islands, Norfolk Island, Ashmore and Cartier Islands, Australian Antarctic Territory, Coral Sea Islands, Heard Island, McDonald Islands, Kiribati, Nauru.

Send in Australian Dollars

Make a world of difference, and send money to friends and family, in Australian Dollars, today. 

Send money >