Currency - Australian dollar

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Australian dollar

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The Australian dollar (sign: $; code: AUD) is the currency of Australia (including its external territories Christmas Island, Cocos (Keeling) Islands, and Norfolk Island), and of three independent Pacific Island states, specifically Kiribati, Nauru, and Tuvalu. It was introduced on 14 February 1966 when the pre-decimal Australian pound, with subunits of shillings and pence, was replaced by the new decimal currency, the Australian dollar.

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. It is subdivided into 100 cents.

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 (down from 8.6% in 2013) behind the United States dollar, the European Union's euro, the Japanese yen and the United Kingdom's pound sterling. The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle.

The Australian dollar was legal tender of Papua New Guinea until 1 January 1976, when the Papua New Guinean kina became the sole legal tender there.

The previous currency, the Australian pound, was introduced in 1910, and had been officially distinct in value from the U.K.'s pound sterling since devaluation in 1931. The pound was divided into 20 shillings and each shilling was divided into 12 pence, making a pound worth 240 pence.

With pounds, shillings and pence to be replaced by decimal currency on 14 February 1966, many names for the new currency were suggested. In 1963, the then-Prime Minister of Australia, Robert Menzies, a monarchist, wished to name the currency the royal. Other proposed names from a public naming competition included more exotic suggestions such as the austral, the oz, the boomer, the roo, the kanga, the emu, the koala, the digger, the zac, the kwid, the dinkum, and the ming (Menzies' nickname). Menzies' influence resulted in the selection of the royal, and trial designs were prepared and printed by the Reserve Bank of Australia. Australian treasurer and future Prime Minister, Harold Holt, announced the decision in Parliament on 5 June 1963. The royal would be subdivided into 100 cents, but the existing names shilling, florin and crown would be retained for the 10-cent, 20-cent and 50-cent coins respectively. The name royal for the currency proved very unpopular, with Holt and his wife even receiving death threats. On 24 July Holt told the Cabinet the decision had been a "terrible mistake" and it would need to be revisited. On 18 September Holt advised Parliament that the name was to be the dollar, of 100 cents.

The pound was replaced by the dollar on 14 February 1966 with the rate of conversion as two dollars per Australian pound, or one dollar for ten Australian shillings.

Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of $1 = 8 U.K. shillings ($2.50 = UK £1).

In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.

On 27 September 2012, the Reserve Bank of Australia stated that it had ordered work on a project to upgrade the current banknotes. The upgraded banknotes would incorporate a number of new future proof security features and include Braille dots for ease of use of the visually impaired. The first new banknotes (of the five dollar denomination) were issued from 1 September 2016, with the remaining denominations to be issued in the coming years.

Country

Heard Island and McDonald Islands

The Territory of Heard Island and McDonald Islands (abbreviated as HIMI ) is an Australian external territory comprising a volcanic group of 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 have been an Australian territory since 1947 and contain the country's only two active volcanoes. The summit of one, Mawson Peak, is higher than any mountain on the Australian mainland. The islands lie on the Kerguelen Plateau in the Indian Ocean.

The islands are among the most remote places on Earth: They are located approximately 4099 km southwest of Perth, 3845 km southwest of Cape Leeuwin, Australia, 4200 km southeast of South Africa, 3830 km southeast of Madagascar, 1630 km north of Antarctica, and 450 km southeast of the Kerguelen Islands. The islands are currently uninhabited.

Christmas Island

common_name = Christmas Island

圣诞岛 (Simplified Chinese)

Cocos

The Territory of Cocos (Keeling) Islands is an Australian external territory in the Indian Ocean, comprising a small archipelago approximately midway between Australia and Sri Lanka and closer to the Indonesian island of Sumatra. It is part of Southeast Asia and is in the Southern Hemisphere. 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 practise 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, Regional Development and Cities, and together with Christmas Island (which is about 960 km to the east) forms the Australian Indian Ocean Territories administrative unit. 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.

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. It is the largest country in Oceania and the world's sixth-largest country by total area. The neighbouring countries are Papua New Guinea, Indonesia and East Timor to the north; the Solomon Islands and Vanuatu to the north-east; and New Zealand to the south-east. The population of million is highly urbanised and heavily concentrated on the eastern seaboard. Australia's capital is Canberra, and its largest city is Sydney. The country's other major metropolitan areas are Melbourne, Brisbane, Perth and Adelaide.

Australia was inhabited by indigenous Australians for about 60,000 years before the first British settlement in the late 18th century. It is documented that Aborigines spoke languages that can be classified into about 250 groups. After the European exploration of the continent by Dutch explorers in 1606, who named it New Holland, Australia's eastern half was claimed by Great Britain in 1770 and initially settled through penal transportation to the colony of New South Wales from 26 January 1788, a date which became Australia's national day. The population grew steadily in subsequent decades, and by the 1850s most of the continent had been explored and an additional five self-governing crown colonies established. On 1 January 1901, the six colonies federated, forming the Commonwealth of Australia. Australia has since maintained a stable liberal democratic political system that functions as a federal parliamentary constitutional monarchy, comprising six states and ten territories.

Kiribati

Kiribati, officially the Republic of Kiribati (Gilbertese: Ribaberiki Kiribati), is a sovereign state in Micronesia in the central Pacific Ocean. The permanent population is just over 110,000 (2015), more than half of whom live on Tarawa Atoll. The state comprises 32 atolls and reef islands and one raised coral island, Banaba. They have a total land area of 800 km2 and are dispersed over 3.5 million square kilometres (1.3 million square miles). Their spread straddles both the equator and the 180th meridian, although the International Date Line goes round Kiribati and swings far to the east, almost reaching the 150°W meridian. This brings the Line Islands into the same day as the Kiribati Islands. Kiribati's easternmost islands, the southern Line Islands, south of Hawaii, have the most advanced time on Earth: UTC+14 hours.

Kiribati became independent from the United Kingdom in 1979. The capital, South Tarawa, which is now the most populated area, consists of a number of islets, connected by a series of causeways. These comprise about half the area of Tarawa Atoll.

Nauru

Nauru ( or ; Naoero), officially the Republic of Nauru (Repubrikin Naoero) and formerly known as Pleasant Island, is an island country in Micronesia, a subregion of Oceania, in the Central Pacific. Its nearest neighbour is Banaba Island in Kiribati, 300 km to the east. It further lies northwest of Tuvalu, north of the Solomon Islands, east-northeast of Papua New Guinea, southeast of the Federated States of Micronesia and south of the Marshall Islands. With only a 21 km2 area, Nauru is the third-smallest state on the list of countries and dependencies by area behind Vatican City and Monaco, making it the smallest state in the South Pacific Ocean, the smallest island state, and the smallest republic. Its population is, making it the third smallest on the list of countries and dependencies by population, after the Vatican and Tuvalu.

Settled by people from Micronesia and Polynesia c. 1000 BC, 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, who were 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 (SPC) in 1969.

Norfolk Island

Norfolk Island (, ; Norfuk: Norf'k Ailen ) is a small island in the Pacific Ocean located between Australia, New Zealand, and New Caledonia, 1412 km directly east of mainland Australia's Evans Head, and about 900 km from Lord Howe Island. Together with the two neighbouring islands Phillip Island and Nepean Island it forms one of the Commonwealth of Australia's external territories. At the 2016 Australian census, it had 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 were long gone 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 it was settled 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 a Polynesian island country located in the Pacific Ocean, situated in Oceania, about midway between Hawaii and Australia. It lies east-northeast of the Santa Cruz Islands (which belong to the Solomon Islands), southeast of Nauru, south of Kiribati, west of Tokelau, northwest of Samoa and Wallis and Futuna, and north of Fiji. It comprises three reef islands and six true atolls spread out between the latitude of 5° to 10° south and longitude of 176° to 180°, west of the International Date Line. Tuvalu has a population of 10,640 (2012 census). The total land area of the islands of Tuvalu is 26 km2.

The first inhabitants of Tuvalu were Polynesians. The origins of the people of Tuvalu are addressed in the theories regarding migration into the Pacific that began about 3000 years ago. During pre-European-contact times there was frequent canoe voyaging between the islands as Polynesian navigation skills are recognised to have allowed deliberate journeys on double-hull sailing canoes or outrigger canoes. The pattern of settlement that is believed to have occurred is that the Polynesians spread out from Samoa and Tonga into the Tuvaluan atolls, with Tuvalu providing a stepping stone to further migration into the Polynesian outliers in Melanesia and Micronesia.

Language

Australian dollar (English)  Dollaro australiano (Italiano)  Australische dollar (Nederlands)  Dollar australien (Français)  Australischer Dollar (Deutsch)  Dólar australiano (Português)  Австралийский доллар (Русский)  Dólar australiano (Español)  Dolar australijski (Polski)  澳大利亚元 (中文)  Australisk dollar (Svenska)  Dolar australian (Română)  オーストラリア・ドル (日本語)  Австралійський долар (Українська)  Австралийски долар (Български)  오스트레일리아 달러 (한국어)  Australian dollari (Suomi)  Dolar Australia (Bahasa Indonesia)  Australijos doleris (Lietuvių)  Australske dollar (Dansk)  Australský dolar (Česky)  Avustralya doları (Türkçe)  Аустралијски долар (Српски / Srpski)  Austraalia dollar (Eesti)  Austrálsky dolár (Slovenčina)  Ausztrál dollár (Magyar)  Australski dolar (Hrvatski)  ดอลลาร์ออสเตรเลีย (ไทย)  Austrālijas dolārs (Latviešu)  Δολάριο Αυστραλίας (Ελληνικά)  Đô la Úc (Tiếng Việt) 
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