Prepare to pay more than you hoped for if travelling abroad with the Aussie dollar slipping to levels not seen since 2009 after the GFC.
In overnight trade, the dollar sunk to 66.72 cents against the greenback. The Aussie dollar hasn’t had that little buying power in the US since March 2009, in the aftermath of the global financial crisis.Critics say the RBA has done a poor job of selling the rate cut, with many people assuming is a sign of a failing economy.
Companies based in Australia will have to pay more to import goods and the same goes for Australians buying products from overseas, say on eBay, when they are priced in US dollars. “In China, the authorities have taken further steps to support the economy, while continuing to address risks in the financial system.”But the real issues are closer to home with a lack of wages growth and “weaker than expected” growth of 1.4 per cent in the last quarter.
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