The Australian dollar, like its Canadian counterpart, has taken a pummelling in relation to the Yankee greenback in recent weeks. The Aussie dollar is now around US$0.72, even worse than the loonie. Not to worry, say the politicians, as they always do in these situations. This will just make Australian exports cheaper and encourage foreign buyers. Well, it is not happening. Eighty per cent of Australia’s biggest exporters are expecting to report shrinking revenues this year. With global consumer confidence still nervous, no one wants Australia’s bounty at any price.
