I was lucky enough to spend 9 months in Australia about ten years ago. I did your classic backpacker trip from Sydney up to Cairns and had an absolute ball. I did more different jobs in 6 months than I had ever done in 18 years in the UK and I learnt a lot about myself.
At that time ‘travelling’ or ‘backpacking’ was becoming very popular amongst my generation and Australia was a big pull for people of all ages from all over the world. I met Americans, Germans, Frenchmen (and women) and many more other nationalities, all seeking an escape and adventure from their own countries. Since then (and indeed well before my pale, twiggy legs graced Eastern Australian shores) the tourism industry has ballooned and a bout of travelling seems to have become the norm.
At the time I was lucky to enjoy nigh on 3 AUD per 1 GBP, oh to have a crystal ball and foreseen the rate at 1.50 10 years later! The currency like tourism and the general popularity of the country has gone from strength to strength. So much so that it is difficult to imagine a world where it was any different. I know dozens of Brits who have moved to Australia and are loving it and who can blame them!
The strength of the Australian economy is of course also due to other factors including Chinese demand for their raw materials and interest rates. Huge investment in the country due to rates plus demand for Australian goods and service has boosted the property market and this has all culminated in the strength of the AUD.
The Australian currency is unlikely to suffer from any major sell off in the short term as confidence in the global economy has returned. If you are buying AUD with GBP and are holding for a return to the ‘good ol days’ you could be waiting a very long time. The failure of the Western economies to manage their economic situations in the run up to the crashes has harmed the value of their currencies. It is unlikely we will ever return to the staus quo that put the Aussie at near 3 for a pound. To make that happen we would need to see a complete reversal of trends of the last few years, quite simply it seems this will never happen, certainly not in the same way the situation arose. These sentiments will not just prevent GBPAUD getting to near 3, they close the door to rates getting close to 1.6 let alone 2!
So how can you save some money if you are looking to buy or sell Aussies?
If you have a currency transfer that is not cash and values 1000 up to the multimillions why not find out if we can help? We pretty much guarantee to beat any other company out there (we always beat the banks) and can help with the background to your transfer as well as point out when may be a good time to move. Even if it is just a one off we can help with a commercial rate.
Please feel free to contact me directly on [email protected]