Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

One of the things that have worked against Australia’s exporters in recent times, as most people would know, is the exchange rate. The last time Australia was running a trade surplus the Australian dollar was at US47c. I think that today it is at about 75c, but it has been as high as 77c. One of the reasons for that is that the Australian currency is perceived to be sensitive to commodities. That is one of the reasons why the Australian dollar is at the level it is at—and, by historical standards, since the float of the Australian dollar, that is a high level. I acknowledge the fact that this is making things more difficult for Australia’s exporters of manufactures, because they are not getting an increased price and yet are having to cope with a higher Australian dollar. We acknowledge that. That is one of the difficulties for Australian manufacturers in this country.

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