What do Australians call a pound?

The Australian Pound: A Historical Perspective

During the era spanning from 1910 to 1966, Australia utilized its own currency known as the pound, denoted as £A. This currency shared similarities with other currencies employing the £sd system, featuring subdivisions into 20 shillings and 12 pence per shilling.

When it first came into circulation in 1910, the Australian pound was on par with the British pound sterling. However, the Australian pound’s value gradually deviated from its British counterpart over time. In 1931, the Australian pound was devalued by 25%, while the British pound remained at its original value.

The decision to devalue the Australian pound was primarily driven by the Great Depression’s impact on the country’s economy. The devaluation aimed to stimulate exports by making Australian goods more affordable on the international market.

In 1966, Australia transitioned from the pound to the Australian dollar. The new currency was decimalized, with 100 cents in each dollar. The conversion to the Australian dollar was a significant milestone in the country’s financial history, modernizing its currency system and aligning it with the international decimal currency standard.

Today, the Australian dollar is the official currency of Australia and is widely recognized as a stable and reliable currency in global financial markets. The shift from the pound to the Australian dollar was a pivotal moment in the country’s economic history, reflecting its growing independence and financial sovereignty.