A record number of Australians are expected to jet overseas this year.
Only a decade ago, overseas travel was a distant dream for most. The Australian dollar wasn’t called the “pacific peso’’ for no reason. Flights were expensive. Throw in the September 11 attacks, the 2003 threat of bird flu and the 2002 Bali bombings and it’s perhaps not surprising that many holidaymakers chose to stay at home.
A decade on, Australians have well and truly caught the travel bug.
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One Puncher is off for a holiday in America soon. Went to the travel agent the other day to get money converted (the AUD was at a 6 month low to the USD on Friday…doh!) and the agent said she’d never had so many people come in to get their money exchanged.
On the other hand, a dip bellow parity has been hailed by some industry figures as good for some Australian industries.
Had any experiences with our high-and-mighty dollar recently? It’s Monday! What’s happening?
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Does anyone else have a creepy feeling about the strength of the Australian economy?
I can’t seem to shake the sensation that we’re all in some kind of 80s teen horror film: all dancing to the drum machine at summer camp with a frothing cup of beer in one arm and the entire cheerleading team in the other. This is of course moments Jason returns from the dead once more – announcing his entrance to the party by beheading the captain of the football team with an efficient slash of his machete.
If you think this overly pessimistic just remember all good things end: the record high Dow Jones Industrial Average was recorded on this date, October 11 2007, on day high 14,198.10 points. Almost exactly one year later, October 10 2008, the you have the largest intra day point swing on the Dow Jones since 1987, of 1,018.77, that day the market hits a low of 7,882.51 points.
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Have you been getting excited at the rise of the Aussie dollar? Well, you should be. Of course, those planning an overseas trip will be particularly excited. A strong Aussie dollar gets you more foreign currency to spend on that overseas holiday. The benefits of a stronger Aussie dollar, however, should not stop there.
All Australian consumers should be getting excited as the Aussie dollar surges upwards. Why? For the simple reason that all imported products should now be much cheaper.
The economics is simple. Just like a strong Aussie dollar buys you more foreign currency when you go overseas, a strong Aussie dollar means importers can ordinarily buy foreign products at effectively lower prices.
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