What influences the GBP/AUD exchange rate?
Because the AUD or Aussie dollar is considered a commodity currency, factors that affect the GBP/AUD exchange rate may be based, in part, around demand for Australian commodities including iron ore, coal and agricultural exports. Because the vast majority (almost 85%) of all Australian exports go to Asia, the value of the Aussie dollar may fluctuate when new trade policies take effect or when growth reports for major Asian economies differ from expectations.
According to the Australian Trade and Investment commission, the U.K. is the 2nd largest foreign investor in Australia just behind the U.S.1
Australia has a significant relationship with the UK underpinned by our shared heritage, common values, closely aligned strategic outlook and interests. We share a distinguished record of active service and cooperation in conflict zones around the world.2
---Australian Government, Department of Foreign Affairs and Trade
The U.K. remains the world’s 5th largest economy by nominal GDP whereas Australia ranks 12th.
Over 670,000 British nationals visit Australia every year.3 Australians make up 3% of holiday makers in the U.K. with just over a million Australians making the trek each year.4
Australia’s richest native is Gina Rinehart (a mining mogul). As of 2016, her $10 billion dollar stockpile leaves her at number 12 on the list of the world’s richest women. The U.K.’s richest woman is Kirsty Bertarelli coming in at £9.78 billion.
Higher education is a popular export for both countries. For Australia, it’s an A$ 20 billion industry, while for the U.K. it hit £20.2 billion in 2013.5
Whether you’re paying for an overseas education or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to the U.K., use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Pound Sterling. Also known as: U.K. pound, or quid
Currency Code: GBP
Currency Symbol: £
Central Bank: Bank of England
Countries Used In: The United Kingdom and 9 British territories including: Isle of Man, Gibraltar, Falkland Islands. Guernsey and Jersey
Major Unit: One pound
Minor Unit: One penny or pence
Note Denominations: £1 (rare), 5, 10, 20, 50, 100 (rare)
Coin Denominations: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2.
GBP to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the GBP to AUD exchange rate today.