Author, Andrew Gibson
Below you will find out the highs, lows & averages of GBP to AUD, its full history, why should ignore forecasts, and how you can achieve a better GBP to AUD exchange rate.
Highest GBP to AUD rate ever
The Pound hit an all-time high of $3.028 against the Australian Dollar on 27th September 2001.
In 2001, the UK had a booming financial sector and stable political and economic environment. These factors lifted the Pound.
Lowest GBP to AUD rate ever
The Pound fell to an all-time low of $1.3606 against the Australian Dollar on 14th January 1985.
In 1985, it was more a case of Dollar strength than Pound weakness.
Average GBP to AUD rate
The GBP to AUD rate has averaged $2.1345 since the Australian Dollar floated in 1983.
The Aussie Dollar was introduced in 1966, but its value was fixed against other currencies until 1983. From 1983 onward, it has been freely floating, reflecting the underlying supply and demand.
Why most GBP to AUD exchange rates are ‘fake’
Most people get exchange rates off the internet these days.
There are dozens of websites that provide live exchange GBP to AUD rates.
But here’s the thing many people don’t know…
The exchange rates you see online are not rates customers rates.
What you are “interbank rates”.
As the name suggests, an interbank rate is used by banks to trade with other banks.
Even large corporations or currency brokers don’t buy or sell at interbank rates.
You will find a disclaimer on most websites (in the small print) explaining that the rates shown are for “informational purposes” or “not cannot be accessed”.
It can be a source of frustration for customers because they just assume they are seeing real rates.
If you want to budget more effectively, I would suggest getting a genuine GBP to AUD rate.
GBP to AUD chart – ups and downs explained
Can you trust GBP to AUD forecasts?
I don’t generally trust exchange rate forecasts.
Most are just extrapolations of recent history dressed up with technical jargon.
The truth is no one has a crystal ball.
But I appreciate people want to know whether it’s or good or bad time to exchange your money.
Forecasting is more a case of probability than precision.
My simple advice is to use historical data as your guide.
Exchange rates have a natural ebb and flow. It’s about trying to take advantage of favourable moves.
You can get some perspective on the GBP to AUD rate by looking at the current trend, and observing recent highs and lows.
If you want a second opinion, speak to a currency broker who can help guide you and discuss realistic levels to aim for.
What moves the GBP to AUD rate?
There’s a whole lot of economic data that impacts the GBP/AUD rate.
It’s a long and exhaustive list including inflation, interest rates, economic growth, unemployment, international trade, business investment – to name just a few.
It really comes down to which economy -the UK or Australia – is performing better.
Outside the daily news, you also have the occasional big event, such as Covid, Brexit and the Global Financial Crisis.
These big events can trigger major moves in a matter of months (5%-15%).
The main lesson from history is that big global events tend to cause a sudden sell-off in the Australian Dollar relative to the Pound, given its sensitivity to economically-sensitive commodity prices.
No matter what your timeframe, there will always be opportunities and risks to consider.
A currency broker can monitor GBP to AUD rate fluctuations and work with you to achieve a better rate.
Getting the best GBP to AUD rate
I would never suggest accepting whatever GBP to AUD rate you come across.
Even small improvements in exchange rates can make a big financial difference to you.
As currency specialists, we want to help our clients get the best rates possible.
It’s a key part of what we do.
In currency markets, trends and trading ranges are frequently observable events, particularly if you are watching the screens all day.
These price patterns can be turned to your advantage.
As an example, say you were looking to send £75,000 to Australia.
Even achieving a 1.5% improvement in the GBP to AUD rate, would mean gaining an extra £1,125.
Likewise, bad timing could cost you thousands more.
I appreciate that most people have neither the time nor the inclination to watch the GBP to AUD rate all day.
It’s why you might find it useful to use a currency broker.
A currency broker can alert you if the GBP to AUD rate hits a certain level or just let you know if there’s been a favourable move.
Who are we?
Key Currency is an independent currency broker.
Unlike banks and online apps, we provide you with a personal service.
Most places these days make you do everything yourself online.
But I’ve found most people aren’t comfortable sending large amounts of money via an online system or app.
We’re happy to guide you through the whole process, including discussing current rates and the timing of your transfer.
Because we have far lower overheads than the big banks, we can pass on the savings by providing highly competitive exchange rates and charging no fees.
As a company, we are open and transparent – the names and faces of all our people on our website.
We have attained a 5-Star “excellent” rating on the customer review website Trustpilot, the highest rating available.
In terms of regulation, Key Currency is an FCA Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.
Why not request a quote and compare our GBP/AUD rates.