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The Australian dollar — a brief history
Australia switched from pounds, shillings, and pence to decimal currency on 14 February 1966 — Valentine's Day. The new currency was nearly called the "royal" or the "austral" before the government settled on the "dollar" — partly to align with international convention and partly because Australians found the other suggestions deeply uninspiring.
One of Australia's genuine contributions to global currency: polymer banknotes. The Reserve Bank of Australia, working with the University of Melbourne and the Commonwealth Scientific and Industrial Research Organisation (CSIRO), developed the world's first polymer (plastic) banknote in the 1980s. The technology is now used in over 50 countries.
- Decimalisation (1966): 1 pound = 2 dollars = 20 shillings = 240 pence. The conversion was straightforward in maths but confusing in practice — a major public education campaign was required.
- Floating the dollar (1983): The AUD was floated by the Hawke/Keating government in December 1983, ending the fixed and managed exchange rate era.
- Polymer notes: First issued in 1988 for the bicentennial $10 note. Full polymer rollout was complete by 1996. They last significantly longer than paper notes and are more secure.
- Rounding: Australia abolished 1-cent and 2-cent coins in 1992. Cash transactions are rounded to the nearest 5 cents.