Changes

The Australian currency is available in notes of $100, $50, $20, $10 and $5, and coins of $2, $1, 50c, 20c, 10c and 5c.  Australian banknotes are unusual in that they are made from plastic rather than paper.

The Australian currency is available in notes of $100, $50, $20, $10 and $5, and coins of $2, $1, 50c, 20c, 10c and 5c.  Australian banknotes are unusual in that they are made from plastic rather than paper.

Initially, the Australian dollar was pegged to the [[United Kingdom|British]] pound, but when the latter was devalued in 1967, the Australian dollar was pegged instead to the [[United States of America|US]] dollar.  This changed to a moving peg in 1971.  In 1974 the exchange rate policy changed again, and the Australian dollar was pegged to a basket of international currencies.  It was not until 1983 that a floating exchange rate was introduced by the modernising treasurer [[Paul Keating]].  As at August 2008, the Australian dollar is worth a little less than the US dollar.

Initially, the Australian dollar was pegged to the [[United Kingdom|British]] pound, but when the latter was devalued in 1967, the Australian dollar was pegged instead to the [[United States of America|US]] dollar.  This changed to a moving peg in 1971.  In 1974 the exchange rate policy changed again, and the Australian dollar was pegged to a basket of international currencies.  It was not until 1983 that a floating exchange rate was introduced by the modernising treasurer [[Paul Keating]].  As of May 2011, the Australian dollar is worth around 1.05 US dollars.

As Australian trade relies heavily on exports of minerals and agricultural products, the strength of the Australian dollar is closely tied to the value of those products.

As Australian trade relies heavily on exports of minerals and agricultural products, the strength of the Australian dollar is closely tied to the value of those products.