Australia lies between the Pacific and Indian Oceans, comprising the Australian continent, Tasmania, and a number of islands. With an area of 7,617,930 square kilometers, Australia is the sixth-largest country in the world. The country possesses rich and diverse natural resources such as coal, copper, iron ore, natural gas, renewable energy, and uranium, drawing an enormous amount of foreign investments such as the Gordon Liquid Natural Gas project worth US$40.
The country’s extensive services industry is a driver of the Australian economy along with the export of natural resources, food, and energy. The country has free trading agreement talks with Asian countries such as China, Korea, and Japan. Prior to the global recession, the Australian economy was progressive for 17 straight years. However, it rebounded right away with the Reserve Bank of Australia slashing its interest rates, the introduction of a US$50 billion stimulus package, and the consistent demand for merchandise. With an improved economy, Australia’s budget deficit is anticipated to reach under 4.2% of GDP.
The nation’s official currency is the Australian dollar which is divided into 100 cents. Launched in 1966, the monetary unit has been used by Australia and its protectorates. The Australian dollar has 4 series with the first issue being released in 1966. In 1988, the first Australian dollar banknote printed on a polymer was introduced. In 2016, the country upgraded its banknotes with enhanced security features and equipped them with Braille dots to aid the sight-impaired bearers.
The recent set of notes highlights Australia’s prominent personalities and icons such as Queen Elizabeth II, Banjo Paterson, Mary Reibey, Nellie Melba, and David Unaipon. Other featured personalities are Mary Gilmore, Edith Cowan, John Flynn, and John Monash. Because of their futuristic features, Australian dollar banknotes have been dubbed as the world’s most advanced banknotes.