AUD to GBP Exchange Rate
Ahh, Australia: the sunburned island continent home to plentiful marsupials and the good ol’ vegemite sandwich.
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 such as iron ore, coal and gold. Because 85% of Australian exports go to Asia, the value of the Aussie dollar may fluctuate 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 13th
- 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 20133
- Over 670,000 British nationals visit Australia every year.4 Australians make up 3% of holiday makers in the U.K. with just over a million Australians making the trek each year.
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 Australia, 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: Australian Dollar
Currency Code: AUD
Currency Symbol: A$
Central Bank: The Reserve Bank of Australia
Countries Used In: Australia, some Pacific Islands
Major Unit: One Australian dollar
Minor Unit: One cent
Note Denominations: 5, 10, 20, 50, 100
Coin Denominations: 5¢, 10¢,20¢, 50¢, one dollar, two dollars.