Although formal exchange rate parity has not yet arrived between the Australian Dollar (once derisorally known as the "Pacific Peso"), and the US Greenback, today marks a key moment.

If I went into the Commonwealth Bank of Australia - our largest commercial bank and formerly a federal government asset - and I offered them US$1,000.00, then they would offer me AU$999.00 in exchange.

CBA exchange rate calculator

The bank is ripping me off, of course. Their exchange rates are notorious for being weighted in favour of the bank, but nonetheless, we have reached the first threshold of parity. Soon, the Australian Dollar will be the highest-valued dollar in the international currency market, exceeding the US and Canadian Dollars, as it already exceeds many other national "Dollars".

Soon, perhaps, the US cent will reach parity with the Japanese Yen, then the old British penny (remember, there were 240 of them in the pound - that's why a cent is often called a penny)?

Meanwhile the Euro is climbing in value and the Chinese Yuan may be revalued upwards.

Sic Transit Gloria Mundi...