The Australian dollar explained

MOVE TO AUSTRALIA | The Australian currency, its relative strength against other currencies and how it affects your lifestyle in Australia, explained.

The Australian dollar is the national currency. The Aussie dollar is a decimal currency, divided into 100 cents. Denominations are $100, $50, $20, $10 and $ 5 notes, and $2, $1, 50c, 20c, 10c and 5c coins. There are no 1c or 2c coins, so when a price or bill total is say $9.99, the amount payable is rounded up or down to the nearest 5c.

Because of the strengthening of the Australian dollar against all major currencies over the past decade, due largely to the booming mining exports sector, Australia has become a relatively expensive country for foreigners to live in when they first make the move to Australia.

However, this shouldn’t put you off as once you find a job in Australia, earn a regular local wage and settle into the Australian lifestyle, your expenses will become relative. Many who migrate to Australia even find that living expenses are less as a proportion of their income compared to what they are accustomed to in their native country.

Also, this appreciation of the Australian dollar means that travelling to other countries from Australia, including back to your own, has become significantly cheaper on an Australian income.

Get the latest foreign exchange rates on the Australian dollar

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