Australia’s official currency is set to be renamed as the Australian Dollar will be officially announced at a meeting of the Reserve Bank on Tuesday.
The announcement comes after the bank said it was expecting the new index to raise about 2.4 per cent to $US50.8 billion ($70.3 billion) a month in real terms.
The move is expected to spark further volatility in the dollar, which has lost nearly 20 per cent against the US dollar in the last two months.
It comes after a strong start to the year and a new index, which includes an Australian dollar index, is due to be released next week.
The index, due to go into effect on November 1, aims to help gauge the outlook for the Australian economy.
It was created by economists from across the country and has been used by the Australian Bureau of Statistics to calculate its official GDP.AAP/ABC