The Australian Dollar and how it works

Introduced in 1966, the Australian dollar (AUD as per ISO 4217 standard) is a friendly symbol of Australia's identity. It's not just the official currency of Australia but also spreads its cheer across several nations and territories, including Christmas Island, the Cocos (Keeling) Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati. Represented by the symbol $, this currency also sports symbols like A$ or AU$ to stand out from other dollar-based currencies. Aussies affectionately call it 'buck,' 'dough,' or simply 'aussie.' Just like a good friend, the Australian dollar is always in the mix, ranking as the fifth most traded currency worldwide, sharing this friendly spot with the Canadian dollar (CAD).

Australian coins are produced by the Royal Australian Mint and denominated in Australian dollars ($) and the sub-unit of dollars, the cents. — Australian coins are denominated in Australian cents and Australian dollars. The coins in circulation are 1, 2, 5, 10, 20, 50 cents and 1 and 2 Australian dollars. They are an important part of the country's culture and economy.

Australian Dollar, Coins, and Banknotes

The Reserve Bank of Australia (RBA), Australia's central banking authority, takes the reins when it comes to managing the country's monetary policies and currency issuance. They're the ones responsible for the magic behind AUD banknotes available in five denominations: $5, $10, $20, $50, and $100. The Australian dollar breaks down into 100 cents, offering a variety of coins in six denominations: 5c, 10c, 20c, 50c, $1, and $2. The RBA does a stellar job keeping the currency game strong and friendly for all Aussies!

The Reserve Bank is responsible for all aspects of the production and issuance of Australian banknotes. It works to ensure that the public has confidence in their banknotes as a means of payment and a secure store of wealth. Australia's banknotes are printed on a polymer (plastic) material and incorporate a range of security features that are easy for the public to recognise but difficult to copy.

Australian dollar quotation against major foreign currencies

	CHF	EUR	USD	GBP	JPY	CAD	AUD
CHF	1	1.0199	1.0978	0.8776	171.2198	1.5116	1.6741
EUR	0.9730	1	1.0722	0.8565	167.0813	1.4750	1.6337
USD	0.9009	0.9232	1	0.7940	155.5875	1.3729	1.5205
GBP	1.1302	1.1573	1.2476	1	194.2346	1.7147	1.8992
JPY	0.0058	0.0060	0.0064	0.0052	1	0.0088	0.0098
CAD	0.6615	0.6779	0.7286	0.5832	113.2683	1	1.1075
AUD	0.5973	0.6121	0.6577	0.5266	102.2758	0.9030	1

65 Martin Pl, Sydney NSW 2000, Australia

Reference Institution
Reserve Bank of Australia
Head Office
65 Martin Pl, Sydney NSW 2000, Australia
Reference interest rate
4.350 %
Last updated
11-08-2023

The RBA Official Cash Rate, the most important interest rate for the Reserve Bank of Australia: What is it and what does it correspond to?

The official cash rate, visible here, is the most important among interest rates for banks in Australia. It's the key rate that banks use when lending money to each other overnight, influencing how much you pay on your mortgage or earn on your savings. They consider it a reliable benchmark for the Australian dollar in financial markets, known as AONIA. If you want to understand better how this rate works, take a look here: Cash Rate Methodology. In simpler terms, it's the rate that banks use when lending money without requiring collateral. It's important because it helps banks manage their money and is crucial for economic policy. Decisions regarding economic policy, explained here, also involve the choice of this rate. After each meeting of the Reserve Bank of Australia, they will release updates through a press release at 2:30 pm Canberra time, with any changes taking effect the following day.

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