Despite originally promising a surplus a year ago for the current period the Australian government are now forecasting a potential deficit. Australian Treasurer Wayne Swan claimed the deficit will be approx AUD$19.4bn which has been mainly affected by the slowdown in China which has reflected in the Australian mining industry. The Aussie budget also predicted a smaller deficit in 2014 before returning to a surplus in 2015. The original prediction for 2013 was for a surplus of AUD$1.5bn so things are taking a turn for the worse.
This recent news is currently being reflected in the Australian Dollar exchange rates which has recently hit 1.5650 based on this morning’s trading session. News from the US the world largest economy is that inflation is slowing which means less demand globally. This is turn has an affect on the Australian Dollar which tends to strengthen if the US economy remains strong.
If you’re considering making a foreign currency transfer to buy Australian Dollars or need to buy Sterling or Euro then feel free to contact me directly for a free quote. Working for one of the UK’s leading currency brokers I am confident we can save you money compared to using your bank.Feel free to send me an email Tom Holian [email protected]