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Australia (AUD) Australian Dollar

On the 14th February 1966 the Australian dollar was introduced and this replaced the former Australian pound. Prices in Australia will often be displayed as ‘$’ followed by the numeric value. On occasions, however, you may also see the price as ‘A$’ or ‘AU$’, to set it apart from other dollar using countries. The international currency code is ‘AUD’. The Australian dollar is made up of 100 cents.

Currently in circulation

The denominations for the coins currently in use are: 5, 10, 20 and 50 cents and $1 and $2. The banknotes are all different from what you would usually expect as they are made of a strange plastic-like (polymer) material which is difficult to rip. Indeed, Australia was the first country to introduce this non-paper form of banknote. The denominations are $5, $10, $20, $50 and $100.

Exchange facilities and traveller’s cheques

In Australia you would not have any problems finding foreign exchange facilities in the larger towns and cities. However, if you are travelling to a more remote part of the country (known as the outback), do not depend on these facilities there. Exchange any money when you have the opportunity to do so beforehand. The same rule would apply to traveller’s cheques, absolutely fine in larger towns and cities but not much good in the remote areas. If you are taking traveller’s cheques, take them in Australian dollars.

Using credit/debit cards

You will readily be able to use credit cards in the major towns and cities and they should be accepted at the majority of establishments. Again though, if heading to the outback, you may be better taking cash. You will be falling over ATM machines in the larger settlements and whilst smaller towns will often have this facility, do not depend on it. Ensure that you have all the cash you will need before heading into the outback.

Australian Dollar Restrictions

For the local currency, amounts over A$500 must be declared when arriving into Australia. For exportation, amounts over A$2000 must have reserve bank approval. For foreign currencies, the same limit of A$500 equivalent is effective when arriving into the country. Exportation of more that A$5000 in foreign currency must be declared. Australia has unusually tough controls over money coming in and out of the country, when compared with other developed nations.

Australia: an overview

Such a vast country which literally spans across an entire continent. Australia has so much to offer, from its large and cosmopolitan cities to the unique flora and fauna of its exceptionally remote interior. The country is a popular tourist destination and it has always drawn people to its shores that were looking for a new country to settle in. This is a phenomenon which continues today, although the criteria you would need to satisfy in order to get into the country is becoming increasingly tougher.

Australian prices are generally increasing. The country is nothing like as cheap as it was, even a few years ago. House prices have realised quite significant rises and the overall cost of living is also well and truly on the increase. Compared with the UK market, however, Australia does still represent better value for money. It would not be unusual to be able to trade in a two bedroom terraced house in the UK, for a much larger and detached three bedroom property in one of the largest cities’ suburbs. Adelaide currently represents the best value for money in the Australian housing market.