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.
