Convert AUD to GBP

The lowdown on British pounds

The British pound sterling is the world’s oldest currency still in use, dating back to 760 AD. 

The name comes from the Latin Libra Pondo, meaning “pound weight”, as its value originally matched a pound of silver. Back then, Anglo-Saxons traded silver pennies known as “sterling” — collect 240 of them, and you had one pound. 

• In 1487 the shilling was born, with the pound coin following along just two years later. Gold coins were introduced in 1560 and copper pennies in 1672.
• By 1694, the Bank of England — the world’s first central bank — began issuing paper notes as IOUs backed by gold.
• In 1971, the UK replaced its complex system of pounds, shillings and pence with the decimal format we know today.

Today, common slang for the British pound includes “sterling”, “quid”, “squid” and “nicker”. Whatever you call it, British currency is one that’s steeped in history and is the fourth most traded in the world.

A look back at British pound to Australian dollar rates

When the Australian dollar launched in 1966, it was fixed against the British pound at a rate of 1 AUD to 0.4 GBP. By September 1973, the peg was adjusted to US dollars and set at 1 AUD to 1.487 USD, making the Australian dollar worth 0.58 British pounds, based on the USD/GBP rate of the time.

In December 1983, the Australian dollar was floated on international markets. This meant AUD to GBP rates could now rise or fall based on market forces. Initially, the Australian dollar climbed to 0.63 GBP.

Record highs and lows against the GBP

Over the next two decades, the Australian dollar faced huge fluctuations. The Black Monday stock market crash of October 1987 plunged the country into a recession throughout the early ‘90s, and the AUD to GBP conversion rate fell from £0.75 to between £0.30 and £0.50 for much of the decade.

Economic reform and strong demand for Australian exports helped lift the rate again. By March 2013, 1 AUD was worth 0.688 GBP.

But global shifts continued. In 2015, the People’s Bank of China devalued the yuan by nearly 2% to boost exports. This triggered a sharp drop in the Aussie dollar, with AUD to GBP falling to just £0.45.

By June 2017, the rate had recovered to around 0.59 GBP — a reminder that currency conversion rates differ constantly due to global market movements.

^{*The information contained in this article has been compiled by Travelex from different external sources.  The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Terms and Conditions before deciding whether to acquire any product.}

^{Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044, AFSL 386 837) arranges for the issue of the Travelex Money Card in conjunction with the issuer, EML Payment Solutions Limited (‘EML’)(ABN 30 131 436 532, AFSL 404131). You should consider the Product Disclosure Statement for the relevant Travelex Money Card and Target Market Determination available at www.travelex.com.au, before deciding to acquire the product. Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider if it is appropriate for you. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.}