There are fresh hopes Australia’s recently hard-hit export and manufacturing industries might get relief with the recent slide in the Aussie dollar, and further falls predicted.
The lower Australian dollar means imports are more expensive to Australian consumers, meaning locally produced products become more competitive.
In the past year, Australian export industries have lost a massive 57,000 jobs.
Overnight the Aussie dollar slipped below US92c, with some economists predicting falls to the low 80s by the end of next year.
Barclays chief Australian economist Kieran Davies said that a 10% fall in the value of the Australian dollar would be about the same as a cut of 100 basis points in the Reserve Bank’s cash rate.
