The Australian dollar was pegged to the British pound and then to the US dollar under the Bretton Woods system. Following other changes and pegs, the Australian dollar was floated in 1983. The power to issue banknotes and other central banking responsibilities fall to the Reserve Bank of Australia. In consultation with the Australian government, the bank also helps with currency and financial stability and inflation controls through monetary policy.
The bank board consists of nine members. Meetings will normally occur monthly (with the exception of January) and official policy and information can be found on the bank's official website. Interest rates are considered to be comparatively high, and the historic table can be found on their website for reference and verification.
On the economic front, Australia's services sector accounts for the largest percentage of the GDP (68 percent) while mining and agriculture account for less (10 percent).
Australia is rich in natural resources such as iron, gold, natural gas, and coal. Agricultural products are also important and include wheat, cotton, wool, and sugar. The island nation has strong economic ties to Asia and the largest export markets include:
Japan
China
South Korea
New Zealand
Imported goods include machinery, transport, and telecommunication equipment as well as computers and office machines. Main import partners include the US, China, Japan, Singapore, and Germany.
Other key statistics and economic information are released by the Australian Bureau of Statistics and can be viewed online on their official website. According to the Bureau, foreign investment in Australia is led by the United Kingdom, the United States, and Japan.
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