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The latest on Australian dollar to pound exchange rates
The lowdown on the Australian dollar
The fifth most traded currency in the world, the Australian dollar is right up there among the world’s biggest players. Sometimes written as A$ to distinguish it from all the other dollar currencies out there (and there’s quite a few!), the Australian dollar is known to its friends as the Aussie.
Up until February of 1966 the Aussie was actually called the Australian pound instead, in recognition of its British roots. In 1966 when decimalisation came in, a ton of original and quirky names were suggested for the currency’s new identity, from the austral to the oz, the boomer to the emu, and even the roo to the kanga. In the end though, simplicity prevailed and the new name was decided as the Australian dollar.
If you’re the guilty owner of crumpled dollar bills, you’ll love the Australian bank notes. Made from plastic (polymer), Australia’s bank notes produce the greatest security against counterfeiting, but the best part is that this means they’re clean, durable and waterproof – no more disasters with notes in the washing machine!
A look back at British pound to Australian dollar rates
Back in 1966 when the Australian dollar was first introduced, it was fixed against the British pound at a rate of 1 AUD to 0.4 GBP. The peg was adjusted to US dollars on 9 September 1973 and set at 1 AUD to 1.487 USD, making the Australian dollar worth 0.58 British pounds, based on the USD/GBP rate of the time.
The Australian dollar was floated on 12 December 1983, which meant that its value could now fluctuate based on international money markets and supply and demand. This saw its value against the British pound reach 0.63.
Record highs and lows against the British pound
Over the next two decades, the Australian dollar faced huge fluctuations. The Black Monday stock market crash of October 1987 plunged the country into a recession throughout the early ‘90s, and the rate of Australian dollars to pounds fell from £0.75 to between £0.30 and £0.50 for much of the decade.
Economic reform saw the Aussie dollar reclaiming much of its worth since the 1990s, climbing steadily back up and reaching 0.688 by March of 2013.
However, in August of 2015, the Australian dollar fell quickly after China’s central bank announced its devaluation of the yuan, placing it at its lowest against the US dollar for three years. China is hoping to improve the country’s weakening export by devaluing the yuan by almost 2%. This pushed investors more towards the US dollar which has had a strong twelve months.
Planning a trip to Australia soon? Take a look at our essential guide to the ultimate Australian trip.