AUD/NZD Exchange Rate History
A decade of Australian Dollar–New Zealand Dollar movements, with the events that drove them.
AUD/NZD 10-year snapshot
AUD/NZD currently sits roughly 98% through its 10-year range — near the upper end, with the rate at decade-high levels.
The last decade in AUD/NZD
AUD/NZD is the trans-Tasman cross — combining Australia's commodity-currency with New Zealand's dairy-driven currency. Over 2016–2026, AUD/NZD traded between 1.02 (mid-2019 NZD strength) and 1.18 (early 2024 AUD strength). The pair is uniquely sensitive to: RBA-RBNZ rate divergence, iron-ore vs dairy price differentials, and Chinese demand cycles affecting different export baskets. It's the most-traded all-Oceania cross and a popular pair among Australia/NZ-domiciled traders.
Long-term trend
AUD/NZD has averaged around 1.08-1.10 over the past decade with periodic excursions in both directions. AUD/NZD tends to rise when iron-ore prices outperform dairy prices (boosting AUD relative to NZD via export-revenue channel) or when RBA rates exceed RBNZ rates. The pair tends to fall when dairy outperforms iron ore or when RBNZ leads RBA in tightening cycles. The structural correlation between AUD and NZD (both Anglo-economies, both China-sensitive, both commodity-currencies) limits AUD/NZD volatility relative to either pair vs USD.
Key events
AUD/NZD at multi-year low
NZD outperformance during the 2017 period of strong dairy prices and RBNZ-RBA rate parity drove AUD/NZD to multi-year lows.
AUD/NZD fell from 1.07 (December 2016) to 1.03 (March 2017).
RBNZ first to hike post-COVID
RBNZ's first-mover advantage in raising rates (October 2021) weighed on AUD/NZD as NZD outperformed. RBA didn't begin hiking until May 2022.
AUD/NZD fell from 1.06 (early 2021) to 1.03 (October 2021).
RBA-RBNZ rate gap normalizes
Both central banks reached terminal policy rates (RBA at 4.10%, RBNZ at 5.50%) by mid-2023. The persistent NZ premium initially kept AUD/NZD low.
AUD/NZD held a 1.05-1.08 range through 2023.
August 2024 carry unwind hits both
The August 2024 JPY carry-trade unwind hit both AUD/JPY and NZD/JPY similarly hard. AUD/NZD was relatively stable during the event as both currencies fell roughly in parallel.
AUD/NZD held a tight 1.09-1.11 range through August 2024.
RBNZ faster easing weakens NZD
RBNZ cut rates faster than RBA in early 2025 (including a rare 50bp cut in February). The reversed rate-differential supported AUD/NZD above 1.12.
AUD/NZD rose from 1.07 (December 2024) to 1.13 (March 2025).
Practical takeaway
For Australians traveling to New Zealand (or vice versa), AUD/NZD's recent range (1.07-1.15) means Australians get more for their dollar in NZ than the past decade average. Watch RBA-RBNZ rate-meeting calendars (both monthly) for primary scheduled volatility. The pair is unusually stable compared to AUD/USD or NZD/USD because both currencies share similar macro drivers — AUD/NZD volatility is mostly driven by the smaller divergence between the two economies' specific dynamics.
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Frequently asked questions
Why is AUD/NZD less volatile than AUD/USD or NZD/USD?
AUD and NZD share similar macro drivers: both are commodity currencies (AUD-iron ore, NZD-dairy), both are heavily China-sensitive, both are Anglo-economies with similar institutional frameworks, both serve as carry-trade-receiving currencies. When external shocks hit (Fed tightening, US recession, China slowdown), AUD and NZD typically move in the same direction against USD — muting their move against each other. AUD/NZD daily ranges are typically 40-80 pips vs 60-120 for AUD/USD.
What drives AUD/NZD direction?
Multiple factors: RBA-RBNZ rate differentials (the most reliable driver), iron-ore vs dairy price differentials (affects different export bases), Chinese economic data (different impact on the two economies), Tasman political/trade news, and relative population/migration trends. Single-day moves are often dominated by RBA or RBNZ news; multi-week trends usually reflect commodity-cycle or rate-cycle divergence.
When is AUD/NZD at parity?
AUD/NZD has only briefly touched parity (1.00) during the past two decades, with the most-recent extended period being 2014-2015 when NZD strengthened on strong dairy prices and global commodity-cycle dynamics. Sustained AUD/NZD parity would require dramatic NZD outperformance — typically driven by RBNZ leading RBA significantly in tightening cycles or NZ dairy outperforming Australian iron ore by a wide margin.
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