Nearly thirty years ago, on December 8, the Australian dollar was floated. And the anniversary celebrations have begun.
It’s worth sharing a great chart of the history of the AUD since it was floated, which was tweeted by Commsec this morning.
It shows the distinct period of the downtrend to the low of 47.73 cents in April 2001 has given way to a much stronger Aussie over the past decade or so. No wonder the RBA hankers for the days of a weaker AUD so it can insulate the economy form offshore woes.
In this chart, is the economic history of Australia’s great shock absorber – the Aussie dollar – and with it the Australian economy.