as an insurance against the collapse of fiat.
The AUD is backed by nothing the government walked away from it when they went off the gold standard and then floated it.
The RBA does not want a George Soros bank of England event.
The only part of the GDP that is relevant is the foreign exchange earnings when we do well such as in the mining boom its high when we do not do that well its not high. It is denominated in the Worlds reserve currency the USD . The USD value bears no relationship to the health of the USA . The USA is so far in debt that they cannot repay it . If the USD was not the worlds reserve currency it would have a vlue like the zimbabwee currency.
Unlike Russia and China the Australian government has made no attempt to protect Australia from a probable collapse of the USD .
