Driven by the great resource boom and widening interest from foreign funds to gain a higher yield and return, the Aussie dollar has today set a new record. The Australian dollar rose above 92 U.S. cents to hit a fresh 23.5 year high.
I have absolutely no complains here. Who ever have the money in the past 5 years and a bit of investment knowledge and made some investments in both real estate and shares will be laughing by now. But I don’t think it will be stopping anytime soon. Lots and lots of reports have been published and I hardly hear anything bad that has been said about the Australian economy in the coming years. Immigrants are coming. Resources and commodities are selling like crazy. Shares and real estate prices keeps on rising, and so does the interest rate. And I’m not going to miss out this bandwagon either.
Well, I’m born in Malaysia but fortunate to be working in Australia currently. I wonder how the conversion rate will affect parents who are going to send their kids for overseas studies in Australia. Back in those days when it was 1 AUSD = RM2.30, it may still be consider alright, but now it’s 1AUSD = RM3.xx, it might not be affordable anymore for some families with a tighter budget.
One way or the other, Australia is a nice country. Malaysia is too. Things will sure be different if I go back to Malaysia at the end of this year as the conversion rate has rise so much 🙂