The currency used in Australia is the Australian Dollar, often abbreviated as AUD. Symbolically represented by the dollar sign ($) or A$ to differentiate it from other dollar-denominated currencies, it is subdivided into 100 cents. The Australian Dollar was introduced in 1966, replacing the Australian Pound. It is one of the most traded currencies in the world and serves as a benchmark currency for various commodities, particularly in the Asia-Pacific region. Its value fluctuates based on factors such as market demand, economic indicators, and international trade.