The Australian dollar is the currency of the Commonwealth of Australia and its independent islands. AUD is the code for the dollar. It’s symbolised by $, but can be written using A$ or AU$ to distinguish it from other dollar-based currencies. The AUD is most commonly exchanged in global markets with the British pound, and it is a fiat currency. It’s the fifth most traded currency in the world, behind the US dollar, the euro, the Japanese yen, and the pound sterling. The conversion factor for AUD has 5 significant digits.