The most amount of money sent to Australia as remittances in 2016 came from the UK, totaling at over U.S. $470 million. In the same year, around U.S. $1.13 billion was sent from Australia to the UK as remittances. Bilateral trade between both regions in 2016 accounted for more than £13.1 billion.
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The Pound Sterling
The pound has been used as a unit of currency in the UK since 775 AD. It is the oldest currency in the world that is still in circulation. Other than the UK, it is used as the official currency in Tristan da Cunha, Jersey, Guernsey, Isle of Man, South Georgia and the South Sandwich Islands, and the British Antarctic Territory.
In April 2016, the pound sterling’s share of the global forex market turnover was 12.8%. It is the world’s fourth most commonly traded currency and is also fourth of the list of global reserve currencies. It served as the world’s primary reserve currency for more than a century, at a time when the UK was the largest economy in the world. However, the country’s slip from the top spot began after the two World Wars, when its economy entered a stage of stagnation because of rigid labor markets coupled with strict government regulations.
|Nicknames||Quid, pound, bread, moolah, nicker, bones, |
dough, readies, folding stuff, paper
|Bank notes||GBP 1, GBP 5, GBP 10, GBP 50, GBP 100|
|Coins||1p, 2p, 5p, 10p, 20p, 50p, GBP 1, GBP 2|
The Australian dollar was introduced under a decimalized system in 1966, to replace the Australian pound. The previously used pounds, shillings, and pence made way for dollars and cents. Australia started issuing polymer banknotes to try and prevent counterfeiting in 1988. Other than Australia, the Australian dollar is also used in Vanuatu, Kiribati, Papua New Guinea, Nauru, Tonga, and Tuvalu.
In April 2016, the Australian dollar’s share of the global foreign exchange market turnover was 6.9%, at which point it was the world’s fifth most commonly traded currency.
When the Australian dollar was introduced, its value was pegged to the pound sterling, and its value equaled to a gram of gold. The peg was shifted to the U.S. dollar in September 1973, at which point AU $1 was equal to U.S. $1.4875. In December 1983, the Australian dollar went the free floating way.
|Bank notes||$5, $10, $20, $50, $100|
|Coins||5c, 10c, 25c, 50c, $1, $2|
Pound Sterling / Australian Dollar Historical Rates
The Australian dollar’s strength became evident in 1967, when it stood its own ground after the pound sterling was devalued against the U.S. dollar. In January 1984, a month after the Australian dollar became a free floating currency, it traded at a little over AU $1.5 against the pound sterling.
The Australian dollar then started losing value against the pound sterling quickly, trading at over AU $2 against the pound sterling by September 1985. By the end of 1987, it was trading at over AU $2.5 against the pound sterling. Its value then hovered largely between AU $2 and AU $2.6 against the pound sterling until mid 1998. In August 1998, it briefly traded at around AU $3 against the pound sterling. This trend continued until mid 2003, after which the Australian dollar started gaining ground.
While the global financial crisis of 2008 affected both the pound sterling and the Australian dollar, the latter began to strengthen sooner than the former. By August 2009, the Australian dollar was trading at below AU $2 against the pound sterling. In February 2013, it briefly traded at below AU $1.5 against the pound sterling.
Soon, the Australian economy’s growth began slowing and the value of the Australian dollar started to drop. By May 2015, it was trading at over AU $2 against the pound sterling again. However, impending news about the Brexit worked in favor of the Australian dollar, and by October 2016 the Australian dollar was trading at around AU $1.6 against the pound sterling. Since then, its value has largely fluctuated between AU $1.6 to AU $1.8 against the pound sterling.
GBP/AUD in the last five years
|GBP 1 =|
|1 July, 2013||AUD $1.6931|
|1 July, 2014||AUD $1.8164|
|1 July, 2015||AUD $2.1389|
|1 July, 2016||AUD $1.7409|
|1 July, 2017||AUD $1.6531|
GBP/AUD in the last five months
|GBP 1 =|
|1 March, 2018||AUD $1.8255|
|1 Apri, 2018||AUD $1.8280|
|1 May, 2018||AUD $1.7573|
|1 June, 2018||AUD $1.7838|
|1 July, 2018||AUD $1.7671|
What Affects GBP/AUD Rates?
The Gross Domestic Products (GDPs) of the UK and Australia have a bearing on the GBP/AUD currency pair. Interest rate differentials, balance of payments, unemployment levels, new government policies, and even natural disasters may have a bearing on how this currency pair functions. Some of the other factors that tend to affect the value of the Australian dollar include commodity prices as well as the region’s mining and agriculture output.
Getting a good GBP/AUD exchange rate when you want to send money from the UK to Australia or in the other direction is easy, provided you know how to go about the process. Start by comparing the world’s leading overseas money transfer companies.