Australian Dollar Essay

“With limited money you can survive, with more money you can live”. (Amit Kalantri, 2015) Money is one of the most important fragments of our livelihood, the way we live, behave, react and satisfy human needs and greed. Many people may not like to think so, but the ultimate truth is this, man cannot function without money in this escalating economy and society.

Majority of the people today are intrigued by the thought of travel. In the year ending of December 2012, a record of 8.2 million Australians departed Australia for a short term, either for leisure or business. (Australian Bureau of Statistics 2012) With so many people travelling oversees, the question of foreign currency is raised quite often. Travellers and businesspeople will have

The Australian dollar once in 2011 reached its peak against the US greenback. It has deteriorated by approximately 20 percent since then. She also stated the stats on Australians buying Japanese Yen, three times higher than usual due to the lovely autumn weather in October in

Compared to the US dollar, the Australian dollar has always remained a little weaker in the overall scenario. But the Australian dollar over the past decade has shown tremendous growth. It has appreciated very strongly against the US dollar, starting its growth trend in 2001. In 2001, the AUD was less than US $0.50. In 2011, the AUD reached a peak of US $1.10. This rise was attributed to several factors, but the major one to be classified is the boom in the mining sector in Australia. (The Australian Treasury n.d.) Since, the last 3 years or 36 months, the Australian dollar has been showing a decline against the US dollar. Since its peak, it has not recovered to a level where it was. The chart below shows the trend, growth and downfall of the Australian dollar against the US