It’s official, the Aussie dollar has reached a two-and-a-half-year low against the US dollar and experts are predicting it may only continue to fall further.
To give you some perspective this means the Australian dollar is now about 13% below January’s three-year high of 81.36 US cents.
As America’s economy strengthens and its interest rates continue to rise, the Aussie dollar traded as low as 70.44 US cents.
Image: NeONBRAND/Unsplash
So what does this mean for the travel industry?
For those who look after inbound tourism, it’s actually good news because a lower Australian dollar makes it more attractive for people from overseas to come to Australia.
It’s going to be cheaper than ever for those wanting to enter Australia.
On the other hand, when it comes to Aussies wanting to travel overseas (especially the United States) the news isn’t so good.
“Sorry to say, but it’s more than likely that you’re not going to get the most bang for your buck when exchanging AUD for the majority of international currencies, especially USD.”
Travel Money Oz
Travel Money Oz released a statement suggesting that if you are heading overseas shortly they recommend grabbing your cash sooner rather than later to ensure you don’t forgo any more spending money than necessary.
Here’s a hot tip for any of your clients who may have just returned from the US or other overseas destinations.
“If you have just got home from your holiday, now is the perfect time to sell us back your leftover currency. A little bit of spending money back home is the perfect way to cure those post-holiday blues.”
There’s always a silver lining somewhere.
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