Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The monetary unit, or unit of currency, of Australia is the dollar.
(2) The denominations of money in the currency of Australia are the dollar and the cent.
(3) A cent is one - hundredth part of a dollar.
(4) The equivalent in the currency provided for by this Act of One sovereign or pound in the currency provided for by the repealed Acts is Two dollars, the like equivalent of One shilling is Ten cents and the like equivalent of One penny is five - sixths of a cent.