Currency Act 1965

Currency Act 1965

This compilation is a complete version of the Currency Act 1965, as amended by the Acts Amendment Act 2016 (No. 61), and includes amendments made by each amendment Act specified in the endnotes.

The Currency Act 1965 sets out the currency system for Australia, including the monetary unit, denominations of money, and transactions to be made in Australian currency. The Act also provides for the issue of coins and the standard composition thereof.

Key Provisions

• The monetary unit is the dollar.
• The denominations of money are the dollar and the cent.
• A cent is one-hundredth part of a dollar.
• Transactions must be made in Australian currency, unless otherwise specified.

Part II - Currency

This Part deals with the currency system for Australia. It includes:

• Repeal of previous Acts (sections 7-9)
• Monetary unit and denominations of money (section 8)
• References to previous currency to be construed as references to currency under this Act (section 10)

Part III - Coinage

This Part deals with the coinage system for Australia. It includes:

• Standard composition of coins (section 13)
• Standard weight, design, and dimension of coins (section 13A)
• Treasurer may issue coins (section 14)
• Issue price of coins of certain denominations (section 14A)

Part IV - Legal Tender

This Part deals with the legal tender for Australia. It includes:

• Legal tender (section 16)
• Coins called in not legal tender (section 17)

Part V - Transitional Provisions

This Part deals with transitional provisions for the Currency Act 1965. It includes:

• Transactions may be made in previous currency during transition period (section 18)
• Payments during and after transition period (section 19)
• Concurrent legal tender (section 20)

The Currency Act 1965 has been amended by several Acts, including the Acts Amendment Act 2016 (No. 61). These amendments have been incorporated into this compilation.

Endnotes

• The endnotes provide information about the amendment Acts that have made changes to the Currency Act 1965.
• They also include information about the dates on which the amendment Acts came into force and any other relevant details.