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Aussie dollar hits 10 year high
Consumer media are awash today with reports that Aussies will enjoy cheaper cars, clothing and household goods as the Australian dollar gains strength, but the inbound tourism industry wasn’t celebrating yesterday when the dollar reached its highest value in more than a decade, closing above 82 US cents.
Analysts say that the rising value would lower the costs of imported goods such as motor vehicles, clothes, footwear and electronics, which have been falling steadily as the dollar has surged since 2001 and are predicting that prices will d fall even further, particularly in the highly competitive sectors of cars, apparel and household goods, as retailers pass on their import savings
Australians travelling overseas will benefit, but inbound tourists will face higher costs, worsening current fears about declining visitors, with Australian Tourism Export Council managing director Matthew Hingerty saying emerging tourist markets such as China and India were particularly sensitive to price fluctuations, as were some established markets, adding, “We are particularly concerned about Japan, which, even before today, was telling us the reason we had seen double-digit declines in growth in that market had been the cost”.
Report by The Mole
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