Page "Harold Holt" Paragraph 53

In economics, Holt's tenure began with the phasing in of Australia's new system of decimal currency, launched on 14 February 1966, and it was marked by a major realignment of commercial and military ties away from the UK and towards the US and Asia.

Although all the preparatory work for the decimal changeover had been done while Menzies was Prime Minister, Holt had particular responsibility as Treasurer for currency matters, and he was centrally involved in both the decision to change and its implementation.