Australia Economic Information
Central Bank: Reserve Bank of Australia (RBA)
Currency: Australian dollar (AUD or A$)
With an economy based strongly on commodities, Australia benefits from the growing demand for raw materials from emerging economies and specifically from China. Australia is the 3rd largest producer of gold and is rich in energy resources. As a commodity-based currency, the Australian dollar is a popular currency with investors seeking to take advantage of the growing global need for resources. Another factor that investors appreciate about Australia is the government's policy to discourage intervention in the foreign exchange markets.
Key industries:
Mining, industrial and transportation equipment, food processing, chemicals and steel.
Agricultural products:
Wheat, barley, sugarcane, fruit, cattle, sheep and poultry.
Export commodities:
Coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment.
Import commodities:
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts, and crude oil and petroleum products.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 3/14/2010. These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Australian dollar:
Reasons to consider
- Potential rate increases from the Reserve Bank of Australia could help attract investors and bolster the currency price.
- The economy is in its 16th consecutive year of expansion. It's the 6th most traded currency in the world, accounting for over 6% of worldwide foreign exchange trade.
- Annual wage growth 4.3% in 2008, largest amount in at least 11 years.
- Annual wage growth between 3.75% - 4%. Population growth is good news for the economy. The latest report by the Australian Bureau of Statistics reflects the highest population growth in 40 years.
Risk factors to consider
- Unemployment at 5.7%, the highest in 5 years.
- Experiencing worst drought in over 200 years resulting in a decrease in exportation of livestock, wheat, wool and cotton. The nation is in its first recession since 1991.
- Commodity prices have not yet recovered from their fall during the last half of 2008. Renewed talk about a slowdown in the Chinese economy could put additional pressure on commodity prices, and result in a drop in the value of the Aussie dollar.
How EverBank can help with your Australian dollar needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency® account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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