The Australian dollar, which is divided into 100 cents, is the currency of Australia and is legal tender throughout its states and territories, including Victoria.
General circulation coin denominations are 5 cents, 10 cents, 20 cents, 50 cents, 1 dollar and 2 dollars. Standard issue samples of the reverse design of each of these coins are shown below. The obverse design of all these coins is a portrait of Queen Elizabeth II.
From time to time, special issue coins featuring different reverse side artwork are released for general circulation. The size and shape of the coin is the same as the standard issue. These special releases are limited to coins with denominations of 20 cents, 50 cents, 1 dollar and 2 dollars.
As there are no 1 and 2 cent coins in general circulation, cash transactions are rounded up or down to the nearest five cents. There is generally no rounding with electronic payments.
Polymer banknotes are available in the denominations of 5, 10, 20, 50 and 100 dollars. Standard issue samples of the front and back of each of these banknotes is shown below.
Visa and MasterCard are overwhelmingly the most popular and widely accepted credit cards throughout Victoria. American Express and Diners Club enjoy good acceptance.
Goods & services tax (GST)
GST is a tax on most goods and services in Australia. There are a few exemptions, including basic food items and beverages, but not food or drink purchased for consumption on premises such as at restaurants. To avoid confusion, the law requires that the prices displayed for goods or services must be inclusive of the GST component.