patdbuck

We were all poised ready to start our epic life adventure leaving the UK for Australia. Then an evil spirit in the form of those greedy bankers, (I do mean bankers this is not a typo on this occasion), they got found out and the world panicked especially those countries bankrupt of all other useful exports and resources panicked more then others, so the UK really panicked one of the most.

And since then like so many others in a similar position we have been watching the GBP/AUD exchange rate with great interest often clicking the mouse button faster & harder in the hope of causing a butterfly affect and once again start a financial rebound, at times even steering hard had the computer screen and using the power of positive thinking to make things move, sadly my positive thinking had the negative effect.

From when I initially considered moving we have seen the GBP drop from around a constant $2.3x down to an ever decreasing $1.6x...the word "drop" does not really do this justice, I think "freefall" probably more closely describes matters.

So to my question, comment, thought, observation call it what you wish...

Is the current exchange rate putting other people off migrating and from what countries?

If so, does this harm the Australian immigration plans?

If so, does this make the skills in demand more in demand because less people are coming over to help fill them?

Does, this mean more opportunity for those brave enough to take the leap of faith?

And if so, what will be the knock on effect for the future? Maybe more migrant approvals or a reduction in the selection criteria?

Will Oz & UK need to work together to stabilise the currency sometime in the near future and if so anybody got a clue what rate would be a good balance $2 would work for me beautifully but perhaps I am just being greedy.

Your thoughts very welcome

jad n rich

I dont think OZ really cares how the X rate affects UK migrants, nice as that might be of them They are getting a mass of migrants from China and Asia for a start that continue to push Oz property prices even further skywards, the X rate doesnt seem to worry them one bit, still paying mental prices for property.

They can probably fill the immigration quota several times over even if nobody came from the UK, which only provides a small % of migrants compared to the total influx.

Centurion

Given the current mood politically seems to favor trimming immigration and many people arrive without massive capital that dictates exchange rate concerns, or come from countries other than the UK, I believe the immigration outlook is unaffected by it.

I don't think the value of the GBP is the concern of the Australian government and the value of it is dictated by the market who has a lack of confidence in the pound for obvious reasons. The UK government has purposefully devalued the pound.

DownUnderPaddy

I'd have to cocur with this reply also.

AllGoode

A weaker £ relative to the $A is more attractive to UK migrants with less wealth but work skills which pay more in Australia.

coolshadows

The exchange rate is only putting off those with sense.

There seems to be several people that think that as the £ weakens against the $, they need to earn less $$$ to enjoy a similar standard of living ("hey the £ has dropped, I now only need to earn $66k to match my £40k salary! "). Therefore, they see jobs with 'BIG' salaries that actually increase their hunger to move here.

Fictitious Fact: "As the £ falls, the cost of living in Australia drops with it"

coolshadows

How does "A weaker £ relative to the $A is more attractive to UK migrants" have any relevance to " less wealth but work skills which pay more in Australia"?

lapin_windstar

There's immigrants and there's immigrants: for the ones that sell their houses in their old country, come here and do more or less the same work as before, and don't send money home, high $ is bad for them. For the ones that come here with very little and work their bollocks off to send money home to people that are depending on them, high $ is good for them.

AllGoode

Irrationally those with significant wealth see exchanging weak £ for strong $A as taking a loss and through delay speculate on the exchange rate.

coolshadows

That makes perfect sense, but by saying "A weaker £ relative to the $A is more attractive to UK migrants with less wealth but work skills which pay more in Australia." you appear to suggest that these UK migrants would prefer a weaker £ than a stronger one.

AllGoode

It is a statement about the relative attractiveness of Australia to the two groups.