The soaring value of Australia’s dollar could risk the government’s projected budget surplus in 2012-13.
According to the Australian Financial Review, businesses are concerned about the impact of the high dollar, although the Reserve Bank has argued that the level will only be temporary. Overnight, the dollar hit US97.71 cents, a fresh 26-month high.
The value of the dollar is causing Australians to take advantage by flocking abroad. Bureau of Statistics figures show a 10.6% increase in departures from Australia in August, compared with the same month last year.
ANZ flags rate rise
ANZ has become the first of the major banks to suggest that it will lift interest rates, following the Reserve Bank’s decision to keep rates on hold this week.
The bank’s CEO Mike Smith said that “something has to give” on interest rates, in comments that will put small businesses on alert, regardless of their banking provider.
Stockbrokers bouncing back
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Stockbroking firms are enjoying a strong recovery following a bleak period for the industry, The Australian reports. Although the sharemarket is still well below 2007 levels, many brokers have bounced back and are recording profits again.
If you are thinking of packing it all in and trying your luck overseas, you are likely to be paid well for your troubles. An HSBC survey of 4,100 Australian expats found that two-thirds had more disposable income than at home.