Australia | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source
Australia | Official exchange rate (LCU per US$, period average)
1960 0.892857
1961 0.892857
1962 0.892857
1963 0.892857
1964 0.892857
1965 0.892857
1966 0.892857
1967 0.892857
1968 0.892857
1969 0.892857
1970 0.892857
1971 0.88267026
1972 0.83869781
1973 0.70411391
1974 0.69666587
1975 0.76387125
1976 0.81828408
1977 0.901825
1978 0.87365925
1979 0.89464092
1980 0.87824433
1981 0.87021458
1982 0.98586283
1983 1.110015
1984 1.13951917
1985 1.431895
1986 1.49597417
1987 1.42818
1988 1.27990833
1989 1.26459667
1990 1.28105667
1991 1.28375583
1992 1.36164833
1993 1.47056
1994 1.36775083
1995 1.3490325
1996 1.27786333
1997 1.34738
1998 1.59182833
1999 1.54995
2000 1.72482667
2001 1.9334425
2002 1.8405625
2003 1.54191417
2004 1.3597525
2005 1.30947333
2006 1.32797344
2007 1.1950725
2008 1.19217833
2009 1.28218881
2010 1.09015949
2011 0.9694632
2012 0.96580103
2013 1.0358431
2014 1.10936329
2015 1.33109026
2016 1.34521398
2017 1.30475808
2018 1.33841215
2019 1.43850654
2020 1.45308512
2021 1.33122426
2022 1.44166446

Australia | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source