Editing Australian dollar (section)

=== Background ===
Before [[Australian federation|Federation]] in 1901, the six colonies that comprised Australia had separate currencies, all of which closely replicated the [[pound sterling|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 the main circulating currencies.

In 1902, a select committee of the [[Australian House of Representatives|House of Representatives]], chaired by [[George Edwards (Australian politician)|George Edwards]], had recommended that Australia adopt a single, national decimal currency, with a pound divided into ten [[Florin (British coin)|florin]]s and each florin comprising 100 cents.<ref>{{cite news |url = https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=reports%2F1902%2F1902_ppd4.pdf |title = Report from the Select Committee on Coinage |publisher = Commonwealth of Australia |date = 3 April 1902 |access-date = 31 October 2019 |archive-date = 19 December 2019 |archive-url = https://web.archive.org/web/20191219173736/https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_Committees?url=reports%2F1902%2F1902_ppd4.pdf |url-status = live }}</ref> 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 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.<ref>{{Cite web |url=https://treasury.gov.au/sites/default/files/2019-03/03_Colin_Clark_speech.pdf |title=What have we learnt? The Great Depression in Australia from the perspective of today  |website=Treasury |publisher=[[Government of Australia]] |access-date=17 March 2023 |page=37 |first1= David |last1=Gruen |first2=Colin |last2=Clark}}</ref>

In 1937, a banking [[Royal commissions in Australia|royal commission]], appointed by the [[Lyons government]], recommended that Australia adopt "a system of decimal coinage ... based upon the division of the Australian pound into [[Mill (currency)|1000 parts]]".<ref name="new">{{cite news |url = https://museum.rba.gov.au/exhibitions/the-decimal-revolution/a-new-currency/ |title = A New Currency |publisher = Reserve Bank of Australia Museum |access-date = 17 October 2019 |archive-date = 29 November 2019 |archive-url = https://web.archive.org/web/20191129032752/https://museum.rba.gov.au/exhibitions/the-decimal-revolution/a-new-currency/ |url-status = live }}</ref><ref>{{Cite report |url=https://parlinfo.aph.gov.au/parlInfo/download/publications/tabledpapers/HPP052016003213/upload_pdf/HPP052016003213_1937_74.pdf;fileType=application%2Fpdf#search=%22publications/tabledpapers/HPP052016003213%22 |title=Royal Commission appointed to inquire into the monetary and banking systems at present in operation in Australia |date=24 August 1937}}</ref> This recommendation was not accepted either.