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About the Australian Dollar (AUD)
💰 A Brief History
The Australian Dollar (AUD) was introduced on February 14, 1966, replacing the Australian pound as part of a nationwide decimalization effort. It was one of the first major currencies to switch from the British-influenced system to a decimal-based currency.
Often called the “Aussie dollar”, the AUD has since become one of the most traded currencies in the world, largely due to Australia’s strong commodity exports and stable political system.
🏦 The Role of the Reserve Bank of Australia
The Reserve Bank of Australia (RBA) is the country’s central bank, responsible for issuing currency, setting interest rates, and maintaining financial system stability.
The RBA is known for its transparent monetary policies, and the Australian Dollar is considered a commodity currency, meaning it’s strongly influenced by the country’s exports — particularly iron ore, gold, and natural gas.
💵 Australian Banknotes & Coins
Australia was a pioneer in launching polymer banknotes — more durable and secure than paper notes. The country introduced them in 1988, making it the first in the world to use polymer notes for everyday use.
Coins: 5¢, 10¢, 20¢, 50¢, $1, and $2
Banknotes: $5, $10, $20, $50, and $100
Notes feature important historical figures, Indigenous artwork, and native wildlife, with the $5 note depicting Queen Elizabeth II, soon to be replaced with a new design.
Fun fact: Australia’s banknotes include tactile features to help the visually impaired identify denominations — a world-leading inclusion in accessibility.
🌍 AUD in the Global Market
The Australian Dollar is consistently among the top 6 traded currencies globally. It’s favored by forex traders due to high interest rates (relative to other stable economies), a transparent economy, and its correlation with global commodity demand.
Because of its strong trade ties to Asia, especially China, the AUD is often used as a proxy for Asian market sentiment.
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