Author:
meataxe==Updated 25 minutes agoThe dollar has shot up to a new 28 year high as it heads towards parity with the greenback.
|
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: 13/10/10 19:23:32
Rising dollar gouging beef producers
Updated 25 minutes ago
Map: Brisbane 4000 Rural lobby group AgForce says Queensland's beef sector is losing tens of millions of dollars because of the high Australian dollar.
The dollar has shot up to a new 28 year high as it heads towards parity with the greenback.
Some economists are predicting it may do that in the next 24 hours.
AgForce chief executive officer Robert Walker says the beef industry in particular is suffering.
"For every cent the Aussie goes up we estimate it reduces cattle prices by 4 cents per kilo," he said.
"If you equate that across the industry that is about $40 million just taken out of the industry within an instant.
"The bottom line is it is reducing the margin of those people producing the product - it is tough."
Mining developments
The Queensland Resources Council (QRC) says the high Australian dollar is unlikely to affect new mining developments.
The high dollar makes Australian exports more expensive on the world market.
QRC chief executive Michael Roche says strong international demand is still driving the mining sector.
"The exchange rate does knock the value of our exports around but it doesn't really change decisions around production and employment," he said.
Tags: business-economics-and-finance, international-aid-and-trade, finance-markets, trade, government-and-politics, rural, livestock, beef-cattle, activism-and-lobbying, currency-markets, australia, qld, brisbane-4000, bundaberg-4670, cairns-4870, gladstone-4680, longreach-4730, mackay-4740, maroochydore-4558, mount-isa-4825, rockhampton-4700, southport-4215, toowoomba-4350, townsville-4810
First posted 28 minutes ago
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
|
Feedback: 