Weaker dollar good news for freight


A weak Australian dollar will increase domestic spending, which CommSec claims is good news for the trucking industry

A weak Australian dollar will increase domestic spending, which CommSec claims is good news for the trucking industry.

The Australian dollar dropped from 67 cents against the US dollar to 66 cents in today’s trade.

CommSec’s David Craig says it is driving the cost of consumer goods down as a result, claiming it symbolises a possible future consumer confidence that may impact on freight levels domestically.

Craig says the fall in the Australian dollar will boost trade and assist in "insulating Australia from the downturn" although consumer confidence must return if freight is to experience growth.

He uses the Apple iPod as a reference, explaining that "not only is Australia the cheapest place in the world to buy an Apple iPod, it is the cheapest by a considerable margin".

Craig says traditionally competitive countries such as South Korea, Canada and Indonesia are vying for second spot, with prices in each country around 5 per cent more expensive than in Australia.

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