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Prepare for stronger Australian dollar: Crean

Prepare for stronger Australian dollar: Crean article image
Minister for Trade Simon Crean has advised Australian exporters to brace themselves for a stronger Australian dollar after a steady climb over the past two months. "Despite the dollar going up, manufacturing has improved," he said. "They just have to learn to accommodate this sort of thing, going forward ... there's a need for hedging." Despite the recent sharp rise - which many economists say could reach parity with the US dollar in the next six months - Crean dismissed any government management of the exchange rate. The latest trade figures show that exports have risen in the last month, and with the Reserve Bank raising the cash rate last Tuesday, internationally exposed traders will need to be careful with their margins.

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