Exporters, manufacturers and the federal government have all welcomed the drop in the value of the Australian dollar, with hopes that the fall below parity will help boost the export market.
The Australian dollar fell below the $US1 mark yesterday, for the first time this year. The drop is expected to help several industries, although it is mixed news for retailers, with an increased cost for imported goods but less of an incentive to shop via overseas-based websites.
Sydney couple jailed over tax fraud
The owners of a Sydney-based air conditioning business have been jailed for tax evasion after funnelling money through Vanuatu.
Paul and Lesley Mascall, along with their business partner Paul Sewell, were charged with fraud after being targeted by Project Wickenby, the anti-tax avoidance initiative.
Brooks charged over phone hacking case
Former News International CEO Rebekah Brooks has been charged with perverting the course of justice over the UK’s phone hacking scandal.
Brooks and her husband, Charlie, have been accused of hiding evidence relating to hacking that took place when she oversaw The News of the World, which has since been closed.
The Dow Jones Industrial Average was down 63.35 points, or 0.50%, at 12,632.00. The Australian dollar dropped to 99.22 US cents.