hull2perth

Im currently in the UK but moving back to Perth at the end of this year, i have savings i want to transfer over into my Australian account!!!

In the news today it said the AUD is in freefall, does this mean it is now a good time for me to transfer??

Thanks for any help

Keith Moon

1.58190 AUD to 1.00 GBP


If that is freefall; then when i was there last year it was in a kamikazee nosedive on steriods with bells on whistling tie my kagaroo down sport?

Keith

carolinephillips

I came here 2 years ago and it was 2.1 AUD to the pound. As I've finally received my pension lump sum cheque (in sterling- grrr) I'm hoping the pound recovers a bit, so that by the time the bank has sent it back to the uk to convert it I may get a bit more. It has taken over a year to get this money, while the pound has been collapsing.

Bermudashorts

It has dipped slightly. A few weeks ago would have been better than today.

freebo

Below is a chart of the the last 5 years, the "freefall" is the tiny bit up at the end, circled in red. Unfortunately no-one knows what the future holds, but we're still close to the worst rate in decades to be changing GBP for AUD.

2 years ago you where getting 33% more dollars for your pounds, we all know this is history but it does make it hard for people coming over in recent times.

Burbage

I would imagine that the dollar will fall further in the next few weeks, due to the flooding in SE Queensland. Australia is still a small enough economy for such things to have quite a big effect. Australian insurance companies will have to get cash from somewhere, they may have to borrow heavily from abroad.

Whether this will be a fall that is sustained for the longterm is a moot question, but I'd wait if I were you. The rate isn't going to get much worse, because the dollar is at a longterm high at the moment and probably hit unpassable resistance only last month.

ABCDiamond

Fortunately for most Australian insurers, especially Suncorp who do cover flood damage, they have a large portion re-insured overseas, so it may not be too bad for them.

Not sure how much 'Lloyd's of London' will have to fork out for this.

lancastrian48

it's only a blip,so cash in

freebo

Lend me your crystal ball

markbhx

But a great time to pay the UK mortgage with aussie dollars :-)

markbhx

On the news this morning it said the aussie government had $16 billion allocated for the next 3 years to cover natural disasters. They also have $600 million cash available now. With the floods looking at costing $5 billion, I'm sure the economy will be fine as long as there are no more disasters for the next couple of years.

One of the good things about being rip off australia. The retailers make so much profit they pay heaps of tax which keep the goverment coffers in the black

freebo

Think its more the potential loss of income then the rebuild cost.

mvagusta

For the gbp-aud rate to change for the better there has to be either negative sentiment against the Aud or positive sentiment for Gbp or both.

Until the Uk economy starts to recover which could take years then you may not see a return to previous levels for a while. The forex markets can be fickle so you never know what will happen.

Wishwewerethere

What's a Kagaroo, is it a kangaroo that has lost it's bounce?

ianhutch1

We have a bit of money we have transfer over and i'll be changing my pounds first thing on Monday morning if the rate stays around 1.6. The QLD Gas Projects and the rebuilding efforts will start to roll next week and IMO the Dollar will start to strengthen again on the back of that.