In 1977 a coin was made for Queen Elizabeth II’s Silver Jubilee. There have been many more special coins made since the 1990s, including special 20-cent, one-dollar and two-dollar coins. Since Australia is one of the world’s largest coal and iron ore exporters, the value of its currency is heavily dependent on commodity prices. During the commodity slump of 2015, oil prices hit decade lows and both iron ore and coal prices dropped to recent lows.

The Australian dollar is also used on Christmas Island, Cocos (Keeling) Islands, Norfolk Island, and the independent Pacific Islands of Kiribati, Nauru and Tuvalu. The signs A$ or AU$ are often used to show that it is the Australian dollar. In the two decades that followed, its highest value relative to the US dollar was $0.881 in December 1988. The lowest ever value of the dollar after it was floated was 47.75 US cents in April 2001.58 It returned to above 96 US cents in June 2008,59 and reached 98.49 later that year.

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Whether you decide to use a travel debit card from a service like Wise , or stock up on AUD in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging AUD to AUD, and make your money go further while you’re away. Using a make the deal travel debit card in Australia is usually cheap, safe and convenient. A few providers in the UK offer multi-currency cards which come with a linked payment account that lets you convert, hold and spend in AUD.

Best place to exchange currency in Australia

Although the value of the dollar fell significantly from this high towards the end of 2008, it gradually recovered in 2009 to 94 US cents. Because Australia sees many tourists from the UK every year you might find you’re better off if you exchange your currency when you get to Australia rather than worrying about getting your cash sorted out before you leave. The AUD/USD is affected by factors that influence the value of the Australian dollar and/or the U.S. dollar in relation to each other and other currencies. This includes geographical factors such as the production of commodities (coal, iron ore, copper) in Australia, political factors such as the business environment in China (a major customer for Australian commodities), and interest rate influences. The Australian Dollar is a freely floating currency, and its value is determined by market forces. Australia’s economy faces challenges such as export market diversification, reducing reliance on natural resources, and addressing environmental concerns.

1. Comparing Australian currency to the United States dollar, $1.00 Australian dollar is worth $0.67 in US dollars.
2. A new series of AUD polymer notes is being unveiled, starting with the 5 AUD notes introduced in September 2016.
3. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses.
4. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.

Understanding the AUD/USD Pair

This provided an impetus for the Reserve Bank of Australia to develop new note technologies jointly with the Commonwealth Scientific and Industrial Research Organisation, culminating in the introduction of the first polymer banknote in 1988. Assuming no other changes, the Australian dollar editions of the daily trading coach will hold its value, and the relative value of the pair increases due to a strengthening of the Australian dollar when compared to the U.S. dollar. The AUD/USD tends to have a negative correlation with the USD/CAD, USD/CHF, and USD/JPY pairs because the AUD/USD is quoted in U.S. dollars, while the others are not. The correlation with USD/CAD could also be due to the positive correlation between the Canadian and Australian economies (both resource-dependent). A currency pair tells the reader how much of one currency is needed to purchase one unit of another currency.

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This guide covers all you’ll need to know about the official currency in Australia, where to get it and how to keep your costs down during your trip. The importance of AUD among forex traders is related to the country’s geography, geology, and government policy. Australia is one of the richest countries in the world in terms of natural wealth, including metals, steel, gems, meat, and fur. Before the introduction of the Australian dollar in 1966, the Australian pound was the currency of Australia. Similar to the British pound, the Australian currency was divided into 20 shillings, which were further divided into 12 pence.

Our currency rankings show that the most popular Australian Dollar exchange rate is the AUD to USD rate. The currency code for Dollars is AUD, and the currency symbol is $. Below, you’ll find Australian Dollar rates and a currency converter. AUD (Australian Dollar, or “Aussie”) is the currency abbreviation for the Australian dollar (AUD), the offocial currency for the Commonwealth of Australia. The Australian dollar is made up of 100 cents and is often presented with the symbol $, A$, or AU$.

These revolutionary polymer notes are cleaner than paper notes, are more durable and easily recyclable. If you carry CAD with you on your trip, you’ll probably need to exchange it before you can spend. Compare our rate and fee with our competitors and see the difference for yourself.

The Australian dollar refers to Australia’s official currency and is abbreviated as AUD. It is also the official currency of several regions, such as Norfolk Island, Christmas Island, and Keeling Islands. It is also currently used as the official currency by three sovereign Pacific Island nations – Nauru, Kiribati, and Tuvalu. The Australian dollar is also the currency for Pacific Island states of Nauru, Tuvalu, convert swedish kronor to japanese yen and Kiribati. Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018.