30% of Australian business is being negatively impacted by a high Aussie dollar, NAB Chief Economist Alan Oster told the audience at the Customer Owned Banking Association yesterday.
Oster said that the NAB had been commissioned by the Commonwealth Department of Industry to ask a special question as part of its Business Survey on the impact of the high Aussie on Australian business with the results shown in the charts below.
No surprise that manufacturing, retail and wholesale were the worst hit, but most industries have been impacted somewhere in a material way.
These charts show clearly why the RBA wants a low dollar – but will Foreign Exchange traders co-operate or is the Aussie going to remain stronger for longer?
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