Australian dollar

The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; and also referred to as the dollar or Aussie dollar) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. , it is currently the sixth most-traded currency in the foreign exchange market and also the seventh most-held reserve currency in global reserves. The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of two dollars to the pound (A£1 = A$2). It is subdivided into 100 cents. The $ symbol precedes the amount. On the introduction of the currency, the $ symbol was intended to have two strokes, but the version with one stroke has also always been acceptable. In 2016, there were A$71.12 billion in Australian currency in circulation, or A$2,932 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve. Constitutional basis Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender".