Large pressure is being placed on the Reserve Bank of Australia to cut the official cash rate in order to help stop the continued strength of the Australian Dollar. Sending money to Australia has become very expensive in recent years and the high interest rate has meant it has been attractive to foreign investors looking for a high yield on their deposits. If you need to send Australian Dollars back to Sterling or indeed move Australian Dollars to US Dollars please continue reading and do not hesitate to contact me for commercial foreign currency exchange rates. Tom Holian [email protected]
The issue you have with cutting interest rates means that this could increase inflation which would be detrimental to the Australian economy. During the seventies high inflation led to large scale recession and something the RBA would be keen to avoid.
Business and consumer confidence is low at the moment and a rate cut is anticipated by many economists on May 1st as long as the inflation figures on 24th April remain under control. Watch this space for more updates coming soon.