where does the australian government borrow money from
Australian government debt Australia's bond credit rating was rated AAA by all three major credit rating agencies as at May 2017.[7] Around two-thirds of Australian government debt is held by non-resident investors â€“ a share that has risen since 2009 and remains historically high.[8]
Australian dollar The Australian pound, introduced in 1910 and officially distinct in value from the pound sterling since devaluation in 1931,[10] was replaced by the dollar on 14 February 1966.[11] The rate of conversion for the new decimal currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 = 8 shillings ($2.50 = UK Â£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.