01/04/2020: 50th Anniversary of the Paʻanga
Tonga celebrated the 50th anniversary of the introduction of the paʻanga as its national currency.
18/03/2020: COVID-19 pandemic impact
The Australian dollar experienced a sharp decline due to the global economic impact of the COVID-19 pandemic and uncertainty in financial markets.
29/07/2014: Second Devaluation of the Paʻanga
Another devaluation occurred, this time by 20%, as part of Tonga's economic reform program.
13/10/2011: Record high exchange rate
The Australian dollar reached a record high exchange rate of above $1.10 against the US dollar, driven by strong commodity demand and high interest rates.
06/10/2008: Global Financial Crisis
The Australian dollar experienced a significant decline due to the impact of the global financial crisis, reaching a low point of around $0.60 against the US dollar.
14/03/2008: Currency Redenomination
Tonga redenominated its currency, removing three zeros from the paʻanga to simplify monetary transactions.
16/11/2006: Riot and Currency Crisis
Civil unrest and riots erupted in Tonga, leading to a currency crisis and a temporary suspension of trading the paʻanga.
30/06/1996: Introduction of the polymer banknotes
Australia introduced polymer banknotes, replacing the paper-based banknotes, enhancing their durability and security features.
01/04/1991: First Devaluation of the Paʻanga
The paʻanga was devalued by 25% in an attempt to boost Tonga's economy and improve trade competitiveness.
08/03/1983: Floating of the Australian dollar
The Australian dollar was fully floated and allowed to fluctuate freely on the foreign exchange market, leading to increased volatility.
04/06/1975: Independence of Tonga
Tonga gained full independence from the United Kingdom, further solidifying the status of the paʻanga as its national currency.
12/12/1971: End of the fixed exchange rate
Australia shifted from a fixed exchange rate to a flexible exchange rate, allowing market forces to determine the value of the Australian dollar.
01/04/1967: Introduction of the Paʻanga
The Tongan paʻanga was introduced as the official currency, replacing the pound at a rate of 1 pound = 2 paʻanga.
13/02/1966: Decimalisation of the Australian currency
Australia adopted decimal currency, replacing the pound with the Australian dollar, symbol 'A$'.