The Australian dollar yesterday stabilised on the back of better than expected jobs and housing data but it remained under US70\u00a2. Analysts are tipping it could fall lower still to US60\u00a2 by the end of the year.<\/p>\n
While it spells doom for international travellers, overseas shoppers and importers, Queensland\u2019s EXPORTERS are cheering the weakening Australian dollar as it helps boost their competitiveness in overseas markets and volumes to play with.<\/p>\n
\u201cAs an exporter and even as a company that operates locally, the overvaluation of a currency is really detrimental,\u201d chief financial officer Herman Allison said.<\/p><\/blockquote>\n
\u201cThe falling Australian dollar not only allows us to bring more back to Australia for the same products sold, it makes us more competitive.<\/p>\n
\u201cWe trade internationally on the US dollar so when the Australian dollar goes down it puts us in a position where we can lower our price should we need to, it gives us more operating capital and profit.<\/p>\n
\u201cWe then have the ability to spend more money on research and development, which is something that\u2019s difficult to do if your margins are squeezed.\u201d<\/p>\n
The dust control and soil stabilisation product manufacturer exports into a range of different markets including Malaysia, Indonesia, Brazil, India and the US.<\/p>\n
While the falling dollar is good news for their international business, Mr Allison said it will also help them boost sales at home as the manufacturing and construction sector rebounds.<\/p>\n
\u201cIt allows you to do more business inside the country, when mines are in a better position they have more money to spend with us, the same with construction,\u201d he said.<\/p>\n
\u201cWhen the dollar is low, tourism picks up and when tourism does well it stimulates construction, the low dollar has a real knock-on effect throughout the economy.\u201d<\/p>\n
AMP chief economist Dr Shane Oliver said the lower dollar is also good for employment security.<\/p>\n
\u201cYou\u2019re much more likely to keep your job as that appeal wanes,\u201d Dr Oliver said. \u201cExporters will be the big winners of a continued devaluation.<\/p>\n
\u201cI think we will see it reach 60\u00a2 by the end of the year.\u201d<\/p>\n
Image: Herman Allison, CFO of Global Road Technologies. Picture: Adam Armstrong<\/p>\n
See link for further information: http:\/\/www.couriermail.com.au\/business\/exporters-cheer-the-weakening-australian-dollar-as-it-helps-boost-their-competitiveness-overseas\/news-story\/3bcabb9c63da80384e173ae7586e2126<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"EXPORTERS are cheering the weakening Australian dollar as it helps boost their competitiveness in overseas markets. The Australian dollar yesterday […]<\/p>\n","protected":false},"author":5,"featured_media":73849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[113],"tags":[],"class_list":["post-73848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"yoast_head":"\n
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