On February 14, 1966, Australia officially adopted the decimal currency system, replacing the British-style pound, shilling, and pence with the Australian dollar and cents. This transition was part of a broader effort to modernize the economy and simplify financial transactions. The change had been in planning since the late 1950s, with the government launching an extensive public education campaign to help Australians adjust to the new system. On the day of the switch, banks closed briefly to facilitate the transition, and new dollar notes and coins entered circulation, phasing out the older currency over time.

The adoption of the Australian dollar was a significant economic and national milestone. It aligned Australia's financial system with other major economies that had already embraced decimal currency, making trade, accounting, and daily transactions more efficient. Additionally, it marked a step toward greater national identity, as Australia moved further away from its colonial ties with Britain. The decimal system was easier to use and more practical for a growing economy, especially as Australia expanded its global trade relationships. The transition was widely regarded as a smooth and successful economic reform, setting a precedent for other countries considering similar changes.