In December 1931, the Australian currency was devalued by 25%, so that one pound five shillings Australian was equivalent to one pound sterling. Like the UK pound, it was divided into 240 pence, or 20 shillings (each comprising 12 pence). The Australian pound (A£) was introduced in 1910, at par with the pound sterling (A£1 = UK£1). However, the recommendation was not acted upon. In 1902, a select committee of the House of Representatives, chaired by George Edwards, had recommended that Australia adopt a single, national decimal currency, with a pound divided into ten florins and each florin comprising 100 cents. For another 10 years, colonial banknotes and coins continued to be the main circulating currencies. Hence Federation was not seen as urgently requiring a single, unified currency. See also: History of Australian currency Background īefore Federation in 1901, the six colonies that comprised Australia had separate currencies, all of which closely replicated the British currency system, and were usually exchangeable with each other on a one-to-one basis. Australian coins are now produced at the Royal Australian Mint in Canberra. These, however, although having the status of legal tender, are almost never circulated or used in payment of debts, and are mostly considered bullion coins. Under this provision the Perth Mint, owned by the Western Australian government, still produces gold and silver coins with legal tender status, the Australian Gold Nugget and Australian Silver Kookaburra. Section 115 of the Constitution provides: "A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts." The currency power must be read in conjunction with other parts of the Australian Constitution. Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender". In 2016, there were A$71.12 billion in Australian currency in circulation, or A$2,932 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve. On the introduction of the currency, the $ symbol was intended to have two strokes, but the version with one stroke has also always been acceptable. The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of two dollars to the pound (A£1 = A$2). As of 2022, it is currently the sixth most-traded currency in the foreign exchange market and also the seventh most-held reserve currency in global reserves. The Australian dollar ( sign: $ code: AUD also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies 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. Tuvaluan dollar and Kiribati dollar at par
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