Thus, Australia’s exchange rate against sterling remained unchanged from 1931 to 1967, while the rate against the US dollar -- which is more important for current purposes -- was unchanged from 1949 to 1971.
As was the case for most other countries, the Bretton Woods system of “fixed but adjustable” exchange rates was operated in practice in Australia in the 1950s and 1960s as a firm commitment to fixed parities. The fixed exchange rate was effectively the linchpin of the monetary policy regime.