The Aussie dollar has risen to a record high again posing a threat to the home tourism industry.
However, the surge brings good news for Australian shoppers.
Phoebe Baker reports.
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The Australian dollar has reached unexpected numbers overnight hitting a post-flow high of 99.18 US cents.
It’s the highest it’s been since 1983.
The increase in its value is due to the weakness of the US dollar and the strong economic outlook in Australia.
Financial commentators pointing out that cars, travel and electrical goods are set to become cheaper.
Craig James, CommSec: “Most goods in terms of trade imports and exports are traded in US dollars, so shoppers are the big winners the big winners.”
But tourism has taken a turn for the worse as more Australians head overseas and international visitors are staying put.
The strong dollar means local tourist industries will suffer as will Australia’s exporters.
Meanwhile, the Prime Minister has broken her second election promise after confirming the citizens assembly on Climate Change will be cut.
A commission of experts is now responsible for the consensus on dealing with climate change.
Julia Gillard, Prime Minister: “The government’s very determined to deliver an agenda and the promise we gave the Australian people. But we’re working in a new environment and that gives us some new opportunities.”
Phoebe Baker, QUT News.