 The Australian pound was replaced by the Australian dollar on 14 February 1966 with the conversion rate of A$2 = A₤1.Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1).In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.