The dollar traditionally traded at around 60/70 cents to the USD post flotation. Before that it was around 1.10 - 1.15, atleast on the trading floor I worked at in the '80's.
We have not seen the AUD this high since the '80's.
Australia needs to cut it's costs by 40% to get competitive.
We can not thrive with the AUD at parity with the USD. Yes it used to be @ 1.10 for a short time. Not any more.
Need to toughen up and tighten the belts. Australia can't bludge on the resources sector for much longer.
Time to do an honest days work and earn a quid, or end up like Greece, Spain, Italy, et al.
