Australia’s Currency Hits Dollar Parity, First Since 1983 Float

Australia’s currency reached parity with the U.S. dollar for the first time since exchange controls ended in 1983 as the biggest mining boom in a century and U.S. stimulus prospects spurred demand for the nation’s assets.

The so-called Aussie gained the most among the greenback’s 16 most-traded counterparts over the past three months as China’s demand for Australian coal and iron ore helped drive economic growth to the fastest pace in three years. Parity was reached after Federal Reserve Chairman Ben S. Bernanke said yesterday additional monetary stimulus may be warranted.