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 8/29/2010. 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
- Australia is currently the world's 14th largest economy by nominal GDP.
- Australia is part of the G-20.
- Australia enjoys a higher standard of living than any G-7 country other than the US.
- Australia's economy grew in the 3rd Quarter 2009 and the Reserve Bank of Australia says the economy will accelerate in 2010.
- The Reserve Bank of Australia was the only central bank to increase interest rates 3 times in the last quarter of 2009.
- Employers added 99,500 jobs between the start of September and November 2009, the biggest 3 month hiring surge in 3 years. The jobless rate fell to 5.7%.
Risk factors to consider
- Australia is dependent on Asia for its economic well being. China is its primary export partner.
- In the first month of no government stimulus to fuel home buying, the number of homes bought in November fell by 5.6%.
- Australia's Capacity Utilization dropped in February 2010. The new 80.7% is the lowest point of Capacity Utilization since September 2009.
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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