Banknotes Of Australia
The notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the Australian pound, pound with the Australian dollar, dollar. This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence. First series (paper) The $1 (10/-), $2 (£1), $10 (£5), and $20 (£10) had exact exchange rates with pounds and were a similar colour to the notes they replaced, but the $5 (worth £2 10s) did not, and was not introduced until May 1967 when the public had become more familiar with decimal currency. The original notes were designed by Gordon Andrews (industrial designer), Gordon Andrews, who rejected traditional Australian clichés in favour of interesting and familiar subjects such as Aboriginal culture, women, the environment, architecture and aeronautics. Notes issued between 1966 and 1973 bore the title "Commonwealth of Australia" ...
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Reserve Bank Of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. The RBA also provides services to the Government of Australia and services to other central banks and official institutions. The ...
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