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The Politics Of The Exchange Rate

The overnight news that the Australian dollar fell below 50 U.S. cents on international money markets is a significant symbolic political event.

Herald-SunIn the aftermath of a decline in economic growth in the December quarter, and with the latest unemployment figures due to be released today, the news could not come at a worse time for the Howard government.

Indeed, media reports today suggest that the Liberal Party has all but written off its chances of winning the Ryan by-election on Saturday. [Read more…]


Australian Dollar Falls To All-Time Low

The Australian dollar has fallen to an all-time low of 54.93 cents as measured against the American dollar.

This is the lowest point since the floating of the dollar commenced in 1983.

The currency rallied slightly to settle around 55.20 cents early this afternoon.

The currency crisis is now getting serious and will have important political consequences. Despite all the measures taken over the past 15-20 years to globalise the Australian economy, the exchange rate has steadily declined. In 1983, it was in excess of 90 cents. [Read more…]