Australian dollar
$
The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia. Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. The $ symbol precedes the amount. It is subdivided into 100 cents.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.
In 2016, the Australian dollar was the fifth-most-traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share. In the same year, 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.
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".
The currency power must be read in conjunction with other parts of the Australian Constitution. 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."
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. 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. Australian coins are now produced at the Royal Australian Mint in Canberra.
Country
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Heard Island and McDonald Islands
The islands are among the most remote places on Earth: They are located about 4,099 km southwest of Perth, 3,845 km southwest of Cape Leeuwin, Australia, 4,200 km southeast of South Africa, 3,830 km southeast of Madagascar, 1,630 km north of Antarctica, and 450 km southeast of the Kerguelen Islands (part of French Southern and Antarctic Lands). The islands, which are uninhabited, can only be reached by sea, which from Australia takes two weeks in the vessels normally used to access them. -
Christmas Island
Christmas Island had a population of 1,692 residents, the majority living in settlements on the northern edge of the island. The main settlement is Flying Fish Cove. Historically, Asian Australians of Chinese, Malay, and Indian descent formed the majority of the population. Today, around two-thirds of the island's population is estimated to have Straits Chinese origin (though just 22.2% of the population declared a Chinese ancestry in 2021), with significant numbers of Malays and European Australians and smaller numbers of Straits Indians and Eurasians. Several languages are in use, including English, Malay, and various Chinese dialects. Islam and Buddhism are major religions on the island. The religion question in the Australian census is optional and 28% of the population do not declare their religious belief, if any. -
Cocos
The territory consists of two atolls made up of 27 coral islands, of which only two – West Island and Home Island – are inhabited. The population of around 600 people consists mainly of Cocos Malays, who mostly practice Sunni Islam and speak a dialect of Malay as their first language. The territory is administered by the Australian federal government's Department of Infrastructure, Transport, Regional Development and Communications as an Australian external territory and together with Christmas Island (which is about 960 km to the east) forms the Australian Indian Ocean Territories administrative grouping. However, the islanders do have a degree of self-government through the local shire council. Many public services – including health, education, and policing – are provided by the state of Western Australia, and Western Australian law applies except where the federal government has determined otherwise. The territory also uses Western Australian postcodes. -
Australia
The ancestors of Aboriginal Australians began arriving from south east Asia approximately 65,000 years ago, during the last ice age. Arriving by sea, they settled the continent and had formed approximately 250 distinct language groups by the time of European settlement, maintaining some of the longest known continuing artistic and religious traditions in the world. Australia's written history commenced with the European maritime exploration of Australia. The Dutch navigator Willem Janszoon was the first known European to reach Australia, in 1606. In 1770, the British explorer James Cook mapped and claimed the east coast of Australia for Great Britain, and the First Fleet of British ships arrived at Sydney in 1788 to establish the penal colony of New South Wales. The European population grew in subsequent decades, and by the end of the 1850s gold rush, most of the continent had been explored by European settlers and an additional five self-governing British colonies established. Democratic parliaments were gradually established through the 19th century, culminating with a vote for the federation of the six colonies and foundation of the Commonwealth of Australia on 1 January 1901. Australia has since maintained a stable liberal democratic political system and wealthy market economy. -
Kiribati
The islands' spread straddles the equator and the 180th meridian, although the International Date Line goes around Kiribati and swings far to the east, almost reaching 150°W. This brings Kiribati's easternmost islands, the southern Line Islands south of Hawaii, into the same day as the Gilbert Islands and places them in the most advanced time zone on Earth: UTC+14. -
Nauru
Settled by people from Micronesia circa 1000 BCE, Nauru was annexed and claimed as a colony by the German Empire in the late 19th century. After World War I, Nauru became a League of Nations mandate administered by Australia, New Zealand, and the United Kingdom. During World War II, Nauru was occupied by Japanese troops, and was bypassed by the Allied advance across the Pacific. After the war ended, the country entered into United Nations trusteeship. Nauru gained its independence in 1968, and became a member of the Pacific Community (PC) in 1969. -
Norfolk Island
The first known settlers in Norfolk Island were East Polynesians but they had already departed when Great Britain settled it as part of its 1788 settlement of Australia. The island served as a convict penal settlement from 6 March 1788 until 5 May 1855, except for an 11-year hiatus between 15 February 1814 and 6 June 1825, when it lay abandoned. On 8 June 1856, permanent civilian residence on the island began when descendants of the Bounty mutineers were relocated from Pitcairn Island. In 1914, the UK handed Norfolk Island over to Australia to administer as an external territory. -
Tuvalu
The first inhabitants of Tuvalu were Polynesians, according to well-established theories regarding a migration of Polynesians into the Pacific that began about three thousand years ago. Long before European contact with the Pacific islands, Polynesians frequently voyaged by canoe between the islands. Polynesian navigation skills enabled them to make elaborately planned journeys in either double-hulled sailing canoes or outrigger canoes. Scholars believe that the Polynesians spread out from Samoa and Tonga into the Tuvaluan atolls, which then served as a stepping stone for further migration into the Polynesian outliers in Melanesia and Micronesia.