 It is subdivided into 100 cents.The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of A$2 per = A₤1.The Australian dollar was legal tender of Papua New Guinea until 31 December 1975, when the Papua New Guinean kina became sole legal tender, and of the Solomon Islands until 1977, when the Solomon Islands dollar became sole legal tender.