The strength of the Australian dollar may trigger a rush on board shorts, oversized cameras and garishly-coloured shirts, but the situation doesn’t only have to be of benefit to tourists.
Exporters are wincing at the sight of the Australian dollar bursting through the US 96 cent mark. At the time of writing, the dollar is also trading at 81.02 yen, 71.22 Euro cents and 60.7 pence.
However, importers are rejoicing. Asia is usually the primary source of cost effective stock for start-ups, but the strength of the US dollar provides new importers with the opportunity to get a good deal elsewhere.
Concerns over the US economy look likely to linger for some time, while Australia’s envious position when compared to other major economies has provided our currency with a major boost.
Many analysts are forecasting that the Australian dollar will remain strong for the immediate future, giving start-ups the ideal opportunity to take advantage.
If you previously spotted US or European stock but were put off by the price, this could be the right time for you. While there is no certainty that the Australian dollar will remain sky-high, a series of smart, short-term business decisions could see your company get off to a perfect start.