Misplaced Pages

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62-463: The original patrol boats were designed for a lifetime of approximately thirty years, and, prior to reaching this date, Australia designed and started building replacement vessels. The Guardian-class patrol vessels are larger, and more capable than the original vessels. But, like the original Pacific Forum boats, they were designed to use commercial off-the-shelf components, so they would be easier to maintain in small isolated shipyards. Remeliik II

124-505: A Chinese fishing vessel for illegal fishing. 225 kilograms (496 lb) of sea cucumbers was found on board the fishing vessel. Sea cucumbers can be sold for $ 800 per kilogram, in Asian markets. The detention of the vessel raised potential health concerns. At that time, in December 2020, Palau had been one of a very small number of countries that had no confirmed cases of COVID-19 . The crew of

186-560: A foreign exchange reserve . Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender". The states are not allowed to coin money, in accordance with section 115 which provides that "[a] State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts". Australian coins are now produced at

248-473: A stern launching ramp for a pursuit boat, also improving search and rescue capabilities. Austal delivered the vessels without armament, but they are designed to be capable of mounting an autocannon of up to 30 mm (1.2 in) on their foredeck, and a heavy machine gun on either side of their bridge . The vessel's twin diesel engines provide 4,000 kilowatts (5,400 shp). Sophisticated electronic engine controls will help conserve fuel. One of

310-566: A 200-kilometre (120 mi) exclusive economic zone , it became evident to all parties that the Pacific Islands were in need of several patrol vessels . The Australian Government decided to meet this need by launching the Pacific Patrol Boat Program, in which Australia would gift 22 Pacific Forum-class patrol boat to 12 allied Pacific Island nations between 1987 and 1997. In addition to simply improving diplomatic relations between

372-441: A Decimal Currency Board would be established to oversee the transition process. A public consultation process was held in which over 1,000 names were suggested for the new currency. This was reduced to a shortlist of seven names: austral, crown, dollar, pound, regal, tasman and royal. In June 1963, Holt announced that the new currency would be called the "royal". This met with widespread public disapproval, and three months later it

434-609: A pre-negotiated option in the original contract, at an additional cost of A$ 29.7 million. Timor-Leste did not receive Pacific Forum boats in the original program. Austal delivered HMPNGS  Ted Diro to the Papua New Guinea Defence Force on 30 November 2018. Her engines broke down in October 2019, and she had to be towed to Australia for repairs. In June 2021, the Australian Defence Force agreed to

496-588: A rate of A$ 1 = 8s sterling (or £1 stg = A$ 2.50, and in turn £1 stg = US$ 2.80). In 1967, Australia effectively left the sterling area when the pound sterling was devalued against the US dollar from US$ 2.80 to US$ 2.40, but the Australian dollar chose to retain its peg to the US dollar at A$ 1 = US$ 1.12 (hence appreciating in value versus sterling). The Australian dollar is legal tender in its external territories: Christmas Island , Cocos (Keeling) Islands , and Norfolk Island ; and

558-475: A strong interest in the new technology. On 27 September 2012, the Reserve Bank of Australia stated that it had ordered work on a project to upgrade the current banknotes. The upgraded banknotes would incorporate a number of new future proof security features and include tactile features like Braille dots for ease of use of the visually impaired. All persons featured on the first polymer series were retained on

620-512: A view about the stability in value of the British pound. From 1946 to 1971, Australia maintained a peg under the Bretton Woods system , a fixed exchange rate system that pegged the U.S. dollar to gold, but the Australian dollar was effectively pegged to sterling until 1967 at £1 sterling = A£1 5s = A$ 2.50 = US$ 2.80. In 1967 Australia did not follow the pound sterling devaluation and remained fixed to

682-472: A wholly owned subsidiary of the Reserve Bank of Australia. Note Printing Australia prints polymer notes or simply supplies the polymer substrate for a growing number of other countries including Bangladesh , Brunei , Chile , Kuwait , Malaysia , Mexico , Nepal , New Zealand , Papua New Guinea , Romania , Samoa , Singapore , Solomon Islands , Sri Lanka and Vietnam . Many other countries are showing

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744-678: Is a reserve currency and one of the most traded currencies in the world. Other factors in its popularity include a relative lack of central bank intervention, and general stability of the Australian economy and government. In January 2011 at the World Economic Forum in Davos , Switzerland , Alexey Ulyukaev announced that the Central Bank of Russia would begin keeping Australian dollar reserves. Australian notes are legal tender throughout Australia by virtue of section 36(1) of

806-676: Is also official currency in Kiribati , Nauru , and Tuvalu . It was legal tender in Papua New Guinea until 31 December 1975 when it was replaced by the kina , and in Solomon Islands until 1977 when it was replaced by the Solomon Islands dollar . In 1966, coins were introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents ( cupronickel ; 75% copper, 25% nickel); and 50 cents (silver, then cupronickel). The 50-cent coins in 80% silver were no longer minted after March 1968 due to

868-459: The Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating floated the dollar, with the exchange rate reflecting the balance of payments as well as supply and demand on international money markets. The decision was made on 8 December 1983 and announced on 9 December 1983. In the two decades that followed, its highest value relative to the US dollar

930-519: The Reserve Bank Act 1959 without an amount limit. Section 16 of the Currency Act 1965 similarly provides that Australian coins intended for general circulation are also legal tender, but only for the following amounts: However, being legal tender does not necessarily oblige businesses to accept cash. The Reserve Bank states that businesses can set commercial terms for a transaction that requires

992-581: The Royal Australian Mint in Canberra . Before Federation in 1901, the six colonies that comprised Australia had separate currencies, all of which closely replicated the British currency system , and were usually exchangeable with each other on a one-to-one basis. Hence Federation was not seen as urgently requiring a single, unified currency. For another 10 years, colonial banknotes and coins continued to be

1054-569: The South African pound with the rand (worth 10 shillings or 1 ⁄ 2 pound). The Menzies government announced its support for decimalisation in July 1961, but delayed the process in order to give further consideration to the implementation process. In April 1963, Holt announced that a decimal currency was scheduled to be introduced in February 1966, with a base unit equal to 10 shillings, and that

1116-459: The U.S. dollar at A$ 1 = US$ 1.12. With the breakdown of the Bretton Woods system in 1971, Australia converted the traditional peg to a fluctuating rate against the US dollar. In September 1974, Australia valued the dollar against a basket of currencies called the trade weighted index (TWI) in an effort to reduce the fluctuations associated with its tie to the US dollar. The daily TWI valuation

1178-617: The Australian Government's Pacific Maritime Security Program . The class is designed to be updated replacements for the Pacific Forum-class patrol boats provided to its allies from 1987 to 1997. Australia provided twenty-two Pacific Forum vessels to twelve nations. They were designed to use commercial off the shelf components, to make them easier to maintain for the small nations that would operate them. Australia stood ready to help with training and maintenance, during

1240-451: The Australian dollar varies significantly during the business cycle, rallying during global booms as Australia exports raw materials, and falling during recessions as mineral prices slump or when domestic spending overshadows the export earnings outlook. This movement is in the opposite direction to other reserve currencies, which tend to be stronger during market slumps as traders move value from falling stocks into cash. The Australian dollar

1302-449: The Australian dollar were issued in 1966. The $ 1, $ 2, $ 10 and $ 20 notes had exact equivalents in the former pound notes. The $ 5 note was issued in 1967, the $ 50 was issued in 1973 and the $ 100 was issued in 1984. The $ 1 banknote was replaced by a $ 1 coin in 1984, while the $ 2 banknote was replaced by a smaller $ 2 coin in 1988. Although no longer printed, all previous notes of the Australian dollar remain legal tender. Shortly after

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1364-474: The Australian pound into 1000 parts ". This recommendation was not accepted either. In February 1959, treasurer Harold Holt appointed a Decimal Currency Committee, chaired by Walter D. Scott , to examine the merits of decimalisation. The committee reported in August 1960 in favour of decimalisation and proposed that a new currency be introduced (from February 1963), to be modelled on South Africa's replacement of

1426-511: The Chinese vessel were placed in quarantine. Palauan health officials were concerned that laying charges against the Chinese crew, and trying them would expose Palauans to a high risk of infection. Guardian-class patrol vessel The Guardian-class patrol boats are a class of small patrol vessels designed and built in Australia and provided to small South Pacific Ocean countries as part of

1488-499: The Guardian dubbed the 40-A with a 20 mm (0.79 in) main gun, two 12.7 mm machine guns and a 20 mm remote weapon system aft. Several design flaws have been identified in finished vessels. The flaws were reported publicly in June 2022, after fifteen vessels had been delivered. Recipient nations were notified in February 2021 of a vessel experiencing cracking in the coupling between

1550-633: The PNGDF's request to arm their four patrol boats. Two boats had been delivered to Papua New Guinea at the time. It is unclear which armaments will be installed and who will install them on behalf of the ADF. During a visit to Apia in June 2022, Foreign Minister Penny Wong announced that Australia will build an additional vessel to replace Nafanua II , which was damaged beyond repair on 5 August 2021. In October 2019, HMPNGS  Ted Diro 's engines broke down, and she had to be towed to Australia for repairs. In

1612-592: The Samoan Nafanua II , which was damaged beyond repair on 5 August 2021. The last vessels were scheduled for delivery in late 2023, but the number of planned boats had risen to 24 by late 2024. Following a 1979 Australian and New Zealand assessment of Pacific Islands maritime patrol needs and the 1982 United Nations Convention on the Law of the Sea establishing that all maritime nations were entitled to exercise control over

1674-497: The UK pound, it was divided into 240 pence, or 20 shillings (each comprising 12 pence). In December 1931, the Australian currency was devalued by 25%, so that one pound five shillings Australian was equivalent to one pound sterling. In 1937, a banking royal commission , appointed by the Lyons government , recommended that Australia adopt "a system of decimal coinage ... based upon the division of

1736-448: The amount. On the introduction of the currency, the $ symbol was intended to have two strokes, but the version with one stroke has also always been acceptable. In 2023 , there were A$ 4.4 billion in coins and A$ 101.3 billion in notes of Australian currency in circulation , or around A$ 6,700 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as

1798-681: The changeover, substantial counterfeiting of $ 10 notes was detected. This provided an impetus for the Reserve Bank of Australia to develop new note technologies jointly with the Commonwealth Scientific and Industrial Research Organisation , culminating in the introduction of the first polymer banknote in 1988. Australia was the first country to produce polymer banknotes , more specifically made of polypropylene polymer, which were produced by Note Printing Australia . These revolutionary polymer notes are cleaner than paper notes, are more durable and easily recyclable. The first polymer banknote

1860-465: The circulating two dollar, one dollar, and 20 cent coins. In commemoration of the 40th anniversary of decimal currency , the 2006 mint proof and uncirculated sets included one- and two-cent coins. In early 2013, Australia's first triangular coin was introduced to mark the 25th anniversary of the opening of Parliament House. The silver $ 5 coin is 99.9% silver, and depicts Parliament House as viewed from one of its courtyards. The first paper issues of

1922-971: The class of vessels they will replace, these small vessels will allow Australia's small neighbours to patrol their own economic zones . They will be able to control smuggling, unregulated fishing, and perform search and rescue duties. A Royal Australian Navy rear admiral said upon the delivery of Taro to the Solomon Islands that the Guardian class "play an important role in tackling our shared regional security challenges [...] We are better positioned to respond to maritime threats, from illegal fishing to transnational crime, by working together, co-ordinating closely, and building our interoperability." The Guardian class will be slightly larger, will have better sea-keeping capabilities, and their electronics suite will be up to date. The Australian government called for submission in March 2015. Five consortia submitted designs for

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1984-448: The class. Austal was chosen as the contractor in April 2016. The vessels are a 39.5 metres (129 ft 7 in) long, steel monohull design, capable of traveling 3,000 nautical miles (5,600 km; 3,500 mi) at 12 knots (22 km/h; 14 mph), with a maximum speed of 20 knots (37 km/h; 23 mph). They are designed to berth a complement of 23 crew members. They have

2046-426: The countries, Australia benefited by having their external security issues eased as it could count on its sovereign neighbours having resources to police their own waters. The Pacific Forum vessels were designed to use commercial off the shelf components, to make them easier to maintain for the small nations that would operate them. Though, if needed, Australia stood ready to help with training and maintenance during

2108-507: The duration of the original program. This included refits after fifteen years of operation, which extended the projected service life of the last vessels to 2027. The Australian government launched the A$ 2 billion Pacific Patrol Boat Replacement Program in June 2014. There has been political disagreement within Australia as to whether it was sensible for Australia to fund the Pacific class. Like

2170-445: The duration of the program, because Australia's external security issues were eased if it could count on its sovereign neighbours having resources to police their own external security. Austal was commissioned to build 19 Guardian-class boats in 2016. Austal's contract allows it to market the design to additional customers. Subsequently, an additional three vessels were ordered. Two for Timor-Leste, and one new replacement vessel for

2232-562: The east coast of the Australian continent, followed in 1977 by a coin for Queen Elizabeth II's Silver Jubilee , the wedding of Charles, Prince of Wales and Lady Diana Spencer in 1981, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Issues expanded into greater numbers in the 1990s and the 21st century, responding to collector demand. Commemorative designs have also been featured on

2294-400: The end of China's large-scale purchases of Australian commodities in 2013, however, the Australian dollar's value versus the US dollar has since plunged to $ 0.88 as of end-2013, and to as low as $ 0.57 in March 2020. As of 2024, it has traded at a range of $ 0.63 to $ 0.68. In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets , accounting for 6.9% of

2356-495: The engine and the gear box. Two separate air quality faults were also discovered in May 2022. The medical bay ventilation system reportedly uses recirculated air, when fresh air is advised. It was also reported that a fault in the exhaust system caused carbon monoxide to enter a normally uncrewed compartment, posing a safety risk. Austal has reportedly "accepted that the problems are latent defects that it will work to resolve." Austal

2418-627: The first time since becoming a freely traded currency, trading above US$ 1 for a few seconds. The currency then traded above parity for a sustained period of several days in November, and fluctuated around that mark into 2011. On 27 July 2011, the dollar hit a record high since floating, at $ 1.1080 against the US dollar. Some commentators speculated that its high value that year was related to Europe's sovereign debt crisis , and Australia's strong ties with material importers in Asia and in particular China . Since

2480-483: The former Australian, New Zealand, and British sixpence, shilling, and two shilling (florin) coins. Pre-decimal Australian coins remain legal tender for 10 cents per shilling. Before 2006 the old New Zealand 5, 10 and 20 cent coins were often mistaken for Australian coins of the same value, and vice versa, and therefore circulated in both countries. The UK replaced these coins with smaller versions from 1990 to 1993, as did New Zealand in 2006. Still, some confusion occurs with

2542-505: The intrinsic value of the silver content rising to exceed the face value of the coins. Aluminium bronze (92% copper, 6% aluminium, 2% nickel) 1 dollar coins were introduced in 1984, followed by aluminium bronze 2 dollar coins in 1988, to replace the banknotes of that value. In everyday Australian parlance, these coins collectively are referred to as "gold coins". 1 and 2 cent coins were discontinued in 1991 and withdrawn from circulation in 1992; since then cash transactions have been rounded to

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2604-648: The larger-denomination coins in the two countries; Australia's $ 1 coin is similar in size to New Zealand's $ 2 coin, and the New Zealand $ 1 coin is similar in size to Australia's $ 2 coin. With a mass of 15.55 grams (0.549 oz) and a diameter of 31.51 millimetres ( 1 + 1 ⁄ 4  in), the Australian 50-cent coin is one of the largest coins used in the world today. The Royal Australian Mint also has an international reputation for producing quality numismatic coins. It has first issued commemorative 50-cent coins in 1970, commemorating James Cook 's exploration along

2666-480: The main circulating currencies. In 1902, a select committee of the House of Representatives , chaired by George Edwards , had recommended that Australia adopt a single, national decimal currency, with a pound divided into ten florins and each florin comprising 100 cents. However, the recommendation was not acted upon. The Australian pound (A£) was introduced in 1910, at par with the pound sterling (A£1 = UK£1). Like

2728-406: The main deck staterooms, a stateroom with two bunks, is equipped with separate ventilation, so it can be used as an infirmary for infectious patients. The patrol boats operated by Papua New Guinea and Solomons Islands will be armed with 12.7 mm (0.50 in) machine guns. Timor Leste has requested that their boats be armed. During INDO PACIFIC 2022 Austal revealed an up-armed variant of

2790-452: The nearest 5 cents . Australia's coins are produced by the Royal Australian Mint , which is located in the nation's capital, Canberra . Since opening in 1965, the Mint has produced more than 14 billion circulating coins, and has the capacity to produce more than two million coins per day, or more than 600 million coins per year. Current Australian 5, 10 and 20 cent coins are identical in size to

2852-532: The officer-in-charge of the boat at the time of the accident, Superintendent Taito Sefo Faaoi Hunt, was found guilty on three charges of negligence by a Police disciplinary tribunal. On 4 January he was fined $ 2000 Samoan tālā and demoted from superintendent to corporal. In mid-May 2022, an unidentified vessel experienced a carbon monoxide exhaust leak into a normally uncrewed compartment. In March 2023, Vanuatu 's Takuare and Tuvalu 's Te Mataili II were damaged when two cyclones hit Vanuatu. While Takuare

2914-572: The prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. Economists posit that commodity prices are the dominant driver of the Australian dollar, and this means changes in exchange rates of the Australian dollar occur in ways opposite to many other currencies. For decades, Australia's balance of trade has depended primarily upon commodity exports such as minerals and agricultural products. This means

2976-431: The recipient's sovereign property upon delivery, the purchase contract contains provisions for Austal to provide maintenance support to the client states, for seven years, out of its Cairns facility. The keel of the first vessel was laid in July 2017. That vessel was scheduled to be delivered to Papua New Guinea in October 2018. New vessels were scheduled to be completed every three months. The first vessel

3038-447: The second polymer series. However, following the death of Queen Elizabeth II, the government has announced that the $ 5 note will be replaced with a design reflecting Indigenous history and culture. Prior to 1983, Australia maintained a fixed exchange rate . The Australian pound was initially at par from 1910 with the British pound or A£1 = UK£1; from 1931 it was devalued to A£1 = 16s sterling. This reflected its historical ties as well as

3100-440: The use of a non-cash payment. However, a business may technically be required to accept cash if they are taken to court, but this is usually not a viable option for consumers. Australian notes and coins are also legal tender in the independent sovereign states of Kiribati , Nauru , and Tuvalu . Nauru never had its own currency. Tuvalu and Kiribati additionally had their respective Tuvaluan and Kiribati dollars at par with

3162-547: The winter of 2020–2021, an unidentified vessel experienced cracking in the coupling between the engine and the gear box. On 5 August 2021 the Samoan Nafanua II ran aground on a reef near Salelologa wharf while transporting police officers to Savai'i to manage a protest. Australian specialists loaded her onto a barge and transported her to Cairns for assessment. She was found to be beyond economical repair, and given back to Australia for disposal. On 21 December 2021

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3224-522: The world's daily share (down from 8.6% in 2013) behind the United States dollar , the euro , the Japanese yen and the pound sterling . The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and

3286-413: Was $ 0.881 in December 1988. The lowest ever value of the dollar after it was floated was 47.75 US cents in April 2001. It returned to above 96 US cents in June 2008, and reached 98.49 later that year. Although the value of the dollar fell significantly from this high towards the end of 2008, it gradually recovered in 2009 to 94 US cents. On 15 October 2010, the dollar reached parity with the US dollar for

3348-421: Was announced that it would instead be named the "dollar". The pound was replaced by the dollar on 14 February 1966 with the conversion rate of A$ 2 = A£1. For example, a pre-decimal amount of nine pounds, sixteen shillings and sixpence (£9 16s 6d) became $ 19.65 in terms of dollars and cents. Since Australia was still part of the fixed-exchange sterling area , the exchange rate was fixed to the pound sterling at

3410-629: Was being repaired in Cairns , Tuvalu was scheduled to receive a replacement boat for Te Mataili II. Australian dollar The Australian dollar ( sign : $ ; code : AUD ; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies ; and also referred to as the dollar or Aussie dollar ) is the official currency and legal tender of Australia , including all of its external territories , and three independent sovereign Pacific Island states : Kiribati , Nauru , and Tuvalu . In April 2022 , it

3472-588: Was changed in November 1976 to a periodically adjusted valuation. The highest valuation of the Australian dollar relative to the U.S. dollar was during the period of the peg to the U.S. dollar. On 9 September 1973, the peg was adjusted to US$ 1.4875, the fluctuation limits being changed to US$ 1.485–US$ 1.490; on both 7 December 1973 and 10 December 1973, the noon buying rate in New York City for cable transfers payable in foreign currencies reached its highest point of 1.4885 U.S. dollars to one dollar. In December 1983,

3534-426: Was commissioned to build 19 Guardian-class boats in 2016. This was fewer than the 22 Pacific-class patrol boats Australia ordered for the same recipients back in the 1980s. The Federated States of Micronesia , Fiji and Tonga , who had operated three Pacific-class boats each from the original program, were to be gifted two Guardian-class patrol boats each as replacements. While the patrol boats are gifts and become

3596-463: Was delivered on 30 November 2018, and commissioned into the Papua New Guinea Defence Force (PNGDF) on 1 February 2019. The second was commissioned into the Tuvalu Police Force on 5 April 2019. The fourth vessel was delivered to Samoa on 16 August 2019. Australia announced on 19 April 2018 that they ordered two more vessels to gift them to Timor-Leste . They did this by exercising

3658-514: Was issued in 1988 as a $ 10 note commemorating the bicentenary of European settlement in Australia. The note depicted on one side a young male Aboriginal person in body paint, with other elements of Aboriginal culture. On the reverse side was the ship Supply from the First Fleet, with a background of Sydney Cove, as well as a group of people to illustrate the diverse backgrounds from which Australia has evolved over 200 years. The first polymer series

3720-451: Was rolled out starting 1992 and featured the following persons: A special centenary issue of the $ 5 note in 2001 featured Sir Henry Parkes and Catherine Helen Spence . In 2015–2016 there were petitions to feature Fred Hollows on the upgraded $ 5 note, but failed to push through when the new note was introduced on 1 September 2016. Australia also prints polymer banknotes for a number of other countries through Note Printing Australia ,

3782-518: Was scheduled for delivery in June 2020. Melissa Price , Australian Minister for Defence Industry , handed the vessel over to Paluan officials on September 18, 2020. The handover was delayed due to the quarantine of the Palauan crew in order prevent the spread of COVID-19 . Remeliik II was commissioned on December 4, 2020. On December 15, 2020, The Guardian reported that the Remeliik II detained

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3844-411: Was the sixth most-traded currency in the foreign exchange market and as of Q4 2023 the seventh most-held reserve currency in global reserves . The Australian dollar was introduced as a decimal currency on 14 February 1966 to replace the non-decimal Australian pound , with the conversion rate of two dollars to the pound (A£1 = A$ 2). It is subdivided into 100 cents . The $ symbol precedes

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