Since 1983 the Australian dollar has been floated. However, it has transitioned over time from initially being fixed to the British pound, then fixed to the US dollar, before maintaining a managed peg, and then finally floating the dollar.
Watch the video below to learn about the difference between fixed and flexible (floating) exchange rates in HSC Economics:
Managed exchange rates incorporate elements of both fixed and floating exchange rates, which can be seen in the video below:
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