What's your prediction on the Australian Dollar?

[drsmithy]

Then cease immediately the ability for non-Australians to purchase property and manipulate the market to suit themselves.

No? Well let's see if we can make it even harder for more Australians to afford property in 5-10 years time.

No arguments here. The property bubble lies at the core of our cost of living and competitiveness problems.

All the laws are in place - and have been for a long time - to put a brake on illegal foreign property purchases. A trivial administrative step is all that needs to be implemented. The problem is nobody [in power] wants it done.

But no Government is going to allow 50%+ mean reversions on their watch. They'll burn the country to the ground trying to keep property prices high.

 

[Danger]

Well I've finally entered the world of forex trading. While I wait for money to get into my account I have today made $67 in my demo account across six USD-AUD trades.

 

[drron]

Well I had a large payment denominated in USD due 1st May.Decided to pay it yesterday.Looking like good timing.

 

[cove]

We did get 0.80.

 

[QF029]

Any recommendations on the most cost effective way to transfer AUD to USD denominated bank account now (say $10k)? Something like a Citibank multi currency account?

 

[diningdecadence]

Any recommendations on the most cost effective way to transfer AUD to USD denominated bank account now (say $10k)? Something like a Citibank multi currency account?

if you don't already have something set up perhaps look into something like ozforex?

 

[uvkelly]

You could try XE I used this regularly to transfer money to US accounts from Australia.

 

[Flashback]

You could also try https://azimo.com/en/ (although just noted it doesn't work sending from AUD, only to)

 

[Melburnian1]

Surely with talk of a further interest rate cut next week by the RBA, the law of diminshing returns must apply?

I agree it's been a spectacularly unsuccessful policy thus far.

Roy Morgan constantly suggests that the true unemployment percentage of the working age population is much higher than the Statistics Bureau will admit (and there's underemployment to boot.)

Consumer confidence remains low. Business investment is not great from what little I have read on the subject.

However, closing the gate on foreign property investment or imposing new taxes (as the Victorian Labor Government is set to do in its Budget next week) is not good either, because Australia has always benefited the most when for trade and investment we've 'opened the doors.' Look at how the reduction or ending of the old 'protections' like tariffs and quotas helped us as a nation. Yet it was resisted for many years.

That said, I don't buy the view of investment banks that the A$ will drop to US70 cents.

 

[QF029]

if you don't already have something set up perhaps look into something like ozforex?

You could try XE I used this regularly to transfer money to US accounts from Australia.

You could also try https://azimo.com/en/ (although just noted it doesn't work sending from AUD, only to)

Thanks for the suggestions. I should have clarified that I don't have an existing US account. I'll wait and see what happens on Tuesday as an interest rate cut seems to have been priced in late last week.

 

[Alanslegal]

And the EUR sunk a few % to 70

 

[JohnK]

Surely with talk of a further interest rate cut next week by the RBA, the law of diminshing returns must apply?

I agree it's been a spectacularly unsuccessful policy thus far.

Roy Morgan constantly suggests that the true unemployment percentage of the working age population is much higher than the Statistics Bureau will admit (and there's underemployment to boot.)

Consumer confidence remains low. Business investment is not great from what little I have read on the subject.

How do they determine the unemployed statistics on a week by week basis? Those that register they are unemployed? I know lots of people who don't register as they are not looking for work or don't want to work.

If reducing interest rates hasn't helped then time to increase interest rates again.

 

[Jacques Vert]

How do they determine the unemployed statistics on a week by week basis? Those that register they are unemployed? I know lots of people who don't register as they are not looking for work or don't want to work.

Or realise what a waste of time registering is for those who don't want, or don't qualify, for the dole.

Four corners did a great job of exposing the job search agencies and the way that most get money from the Govt without really helping the unemployed into real, long-term jobs.

Back on topic now?

 

[whatmeworry]

Main reason RBA has to keep rates so low is so the AUD stays low.

 

[JohnK]

Main reason RBA has to keep rates so low is so the AUD stays low.

And as mentioned so many times in this thread we can see how well that strategy has worked.

 

[PLANT]

They will be cut so Stevens can go on holidays for a month or two!
Cut in may to play..... You heard it here first!!!!!

 

[footy99]

So they cut again, I guess to the surprise of no-one.

The last statement is interesting:

"At today's meeting, the Board judged that the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand."

Basically his main concern and reason for the cut was because Australia's house prices are far too low for his liking so we need to put a rocket under demand.

I'm going to hazard a guess that's not the communal opinion.

 

[gogo419]

So they cut again, I guess to the surprise of no-one.

The last statement is interesting:

"At today's meeting, the Board judged that the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand."

Basically his main concern and reason for the cut was because Australia's house prices are far too low for his liking so we need to put a rocket under demand.

I'm going to hazard a guess that's not the communal opinion.

Not sure if you mis-read it? I had to read it twice..

"Growth in household demand" is all consumer spending.. Not just housing... Which has been pretty low but starting to turn around a little. Probably mainly caused by housing.

But yes prices are ridiculous and theres going to be a few more years of it in most cities..

gogo

 

[footy99]

Not sure if you mis-read it? I had to read it twice..

"Growth in household demand" is all consumer spending.. Not just housing... Which has been pretty low but starting to turn around a little. Probably mainly caused by housing.

But yes prices are ridiculous and theres going to be a few more years of it in most cities..

gogo

Ah yes, I did misread it. Cheers. That makes much more sense.

 

[gogo419]

Ah yes, I did misread it. Cheers. That makes much more sense.

Yep i couldn't believe my eyes the first time when i opened up the announcement when it was released.. haha