Australian dollar

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
  • Heard Island and McDonald Islands
    The Territory of Heard Island and McDonald Islands (HIMI) is an Australian external territory comprising a volcanic group of mostly barren Antarctic islands, about two-thirds of the way from Madagascar to Antarctica. The group's overall size is 372 km2 in area and it has 101.9 km of coastline. Discovered in the mid-19th century, the islands lie on the Kerguelen Plateau in the Indian Ocean and have been an Australian territory since 1947. They contain Australia's only two active volcanoes. The summit of one, Mawson Peak, is higher than any mountain in all other Australian states or territories, except Dome Argus, Mount McClintock and Mount Menzies in the Australian Antarctic Territory.

    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, officially the Territory of Christmas Island, is an Australian external territory comprising the island of the same name. It is located in the Indian Ocean, around 350 km south of Java and Sumatra and around 1550 km northwest of the closest point on the Australian mainland. It lies 2600 km northwest of Perth and 1327 km south of Singapore. It has an area of 135 km2.

    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 Cocos (Keeling) Islands (Pulu Kokos [Keeling]), officially the Territory of Cocos (Keeling) Islands ( Pulu Kokos [Keeling]), are an Australian external territory in the Indian Ocean, comprising a small archipelago approximately midway between Australia and Sri Lanka and relatively close to the Indonesian island of Sumatra. The territory's dual name (official since the islands' incorporation into Australia in 1955) reflects that the islands have historically been known as either the Cocos Islands or the Keeling Islands.

    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
    Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of 7617930 km2, Australia is the largest country by area in Oceania and the world's sixth-largest country. Australia is the oldest, flattest, and driest inhabited continent, with the least fertile soils. It is a megadiverse country, and its size gives it a wide variety of landscapes and climates, with deserts in the centre, tropical rainforests in the north-east, and mountain ranges in the south-east.

    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
    Kiribati, officially the Republic of Kiribati ([Ribaberiki] Kiribati), is an island country in Oceania in the Central Pacific Ocean. Its permanent population is over 119,000 (2020), with more than half living on Tarawa atoll. The state comprises 32 atolls and one remote raised coral island, Banaba. Its total land area is 811 km2 dispersed over 3441810 km2 of ocean.

    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
    Nauru ( or ; Naoero), officially the Republic of Nauru (Repubrikin Naoero) and formerly known as Pleasant Island, is an island country and microstate in Oceania, in the Central Pacific. Its nearest neighbour is Banaba of Kiribati, about 300 km to the east. It lies northwest of Tuvalu, 1300 km northeast of the Solomon Islands, east-northeast of Papua New Guinea, southeast of the Federated States of Micronesia and south of the Marshall Islands. With an area of only 21 km2, Nauru is the third-smallest country in the world behind Vatican City and Monaco, making it the smallest republic as well as the smallest island nation. Its population of about 10,000 is the world's second-smallest (not including colonies or overseas territories), after Vatican City.

    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
    Norfolk Island (, ; Norfuk: Norf'k Ailen ) is an external territory of Australia located in the Pacific Ocean between New Zealand and New Caledonia, 1412 km directly east of Australia's Evans Head and about 900 km from Lord Howe Island. Together with the neighbouring Phillip Island and Nepean Island, the three islands collectively form the Territory of Norfolk Island. At the 2021 census, it had 2,188 inhabitants living on a total area of about 35 km2. Its capital is Kingston.

    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
    Tuvalu ( or ; formerly known as the Ellice Islands) is an island country and microstate in the Polynesian subregion of Oceania in the Pacific Ocean. Its islands are situated about midway between Hawaii and Australia. They lie east-northeast of the Santa Cruz Islands (which belong to the Solomon Islands), northeast of Vanuatu, southeast of Nauru, south of Kiribati, west of Tokelau, northwest of Samoa and Wallis and Futuna, and north of Fiji. Tuvalu is composed of three reef islands and six atolls. They are spread out between the latitude of 5° and 10° south and between the longitude of 176° and 180°. They lie west of the International Date Line. Tuvalu has a population of 11,204 (2021 world bank). The total land area of the islands of Tuvalu is 26 km2.

    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.