Australian Dollar

Overview

The Australian Dollar (AUD) is the currency unit used in the Commonwealth of Australia. The Australian Dollar symbol is $. Commonwealth of Australia states include Cocos Islands, Norfolk Island, Pacific Island states, Christmas Island, and Australia. The Dollar is rated by the World Foreign Exchange market as the fifth most-traded currency in the world. The Australian Dollar is also known as the "Aussie".

Economy

• Australia has a strongly developed and established modern economy.
• In 2011, Australia was rated the 13th biggest economy by GDP.
• Australia‘s economy relies on the service industry, which contributes 60% of the total GDP.
• Import products are computers, machines, telecommunication parts, equipment, petroleum products, and crude oil.
• Export products include gold, meat, aluminia, wool, wheat, iron ore, and coal. The total export value for the year 2010 is estimated at $2.107 billion AUD.

History

• The Australian Dollar replaced the Australian Pound in 1966. The currency was valued at 2 AUD = 1 Pound and the first coins introduced were 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, and 50 cents.
• In 1967, Australia abandoned the sterling standard and pegged the Australian dollar to the United States Dollar at a rate of 1 AUD = 1.12 USD.
• In 1983, the AUD became a floated currency.
• In 1984, the Australian one-dollar coin was introduced; in 1988 the two-dollar coin was introduced.
• In 2006, the 1-cent and 2-cent coins were discontinued and taken out of circulation.
• Australia has made special edition coins and notes to commemorate events, such as the Commonwealth Games of 1982.