Australian Currency

The Australian Dollar (AU$) is a stable and reasonably strong unit of currency. It has been the official currency of Australia since 1966, replacing the Australian pound (£) and introducing decimal currency. It is the 6th most traded currency in the foreign exchange markets. All Australian coins depict Queen Elizabeth II on one side..

Australian currency is known as the dollar, and the currency symbol is $. The dollar (called “the Australian dollar” and written AU$ or AUD when it is necessary to distinguish it from the currencies of other countries which call their currency the dollar too) is worth 90 to 95 US cents. Its buying power in Australia is a little less than that of the US dollar in the US. No currency other than the dollar is commonly accepted for transactions in Australia; except for businesses in international terminals of airports, which may accept some of the major world currencies, i.e. US dollars, British pounds, Euros, and possibly NZ dollars.

Dedicated currency exchange outlets are widely available in major cities, and banks can also exchange most non-restricted currencies. There is no real black market in currency, and no need to even seek one out in any case.

The smallest unit of currency that prices will be quoted in is the cent, which is worth $0.01. However Australia no longer has physical units of currency that allow for bills to be paid to the nearest cent. If the total of a transaction is not a multiple of 5 cents you pay to the nearest five cents unless you are paying by credit or debit card, in which case you will pay the exact total. Yes that does mean that when buying small quantities of very cheap items, it is possible to buy them for free, or get an extra 50ml of fuel in a tank. This tends to even out though, as half the time your total will be rounded up rather than down.

The coin denominations are: 5c, 10c, 20c, 50c, $1 and $2. The note denominations are $5, $10, $20, $50 and $100. Australian notes are produced in plastic polymer rather than paper, and all notes can be used anywhere at any time with some restriction on amount. 5, 10, 20 and 50 cents can be accepted to 5 dollars, 1 to 10 dollars up to ten time face value and 20 dollars and above unrestricted (Refer to Reserve Bank for more information). The coins are rather large so you better bring a wallet with a lot of room for coins

Cash dispensing Automatic Teller Machines (ATMs) are available in almost every Australian town. You are likely to pay a surcharge for international cash withdrawals, and holders of Australian debit cards will also pay a surcharge if they use an ATM that is not operated by their own bank. Most ATMs only dispense $20 and $50 notes.

Credit cards are widely accepted in Australia. Almost all large vendors such as supermarkets accept cards, as do many, but not all, small stores. Australian debit cards can also be used via a system known as EFTPOS. Any card showing the Cirrus or Maestro logos can be used at any terminal displaying those logos. Cards bearing the VISA or Mastercard logos are the most commonly accepted, though many other cards are as well. Travellers using cards other than VISA or Mastercard may find they are not accepted by smaller merchants.