British expats working in Australia have cause to celebrate as the Australian dollar has reached a new high against the pound.
Earlier this week he Australian dollar increased to just under 68 pence, which means British expats who earn Australian dollars and convert them back into pounds have reason to rejoice.
This is especially good news for British expats who are planning returns to England perhaps for holidays, as one British expat based in Melbourne explained to The Telegraph: “Although I haven’t decided yet where to spend my summer holidays, the fact that the Aussie has hit a high against the pound may influence my decision. London is pretty expensive for a tourist with pricey hotels, restaurants and West End shows so a weak pound would be good news.”
Over the last three years the dollar-pound exchange rate has steadily risen so this new high is no real surprise. The chief reason behind this is that British and Australian economies have been heading in contrasting directions. The UK economy is covered by the cloud of recession and is of course embroiled in the woes of the eurozone.
But on the other side of the world the Australian economy has gone from strength to strength, helped along by strong demand from China for Australian resources and minerals.