freebo

Can't see 20%, but recently there's been a "sellers strike" which looks to be coming to an end and prices, at least temporarily are falling http://news.bbc.co.uk/1/hi/business/8549000.stm

bjohn

Take a look at what is making the Aussie economy so strong and the British economy so weak. I don't think either are set forever. If you've been to Australia recently the cost of living it so unreasonably high. Traditionally the Aussie economy follows the US and Europe a couple of years later. If you don't need the pounds, sit tight, earn Aussie dollars and wait it out. It might take a few years.

itxrd

Couldn´t agree more. As bjohn says it may get bit worse over next few months (till they raise interest rates here) but there is nothing much you can do. We are leaving in 5 weeks and will change just enought o keep us going. Renting flat out here. Wait a few years and am sure things will pick up! As bjohn says cost of licing/level of borrowing in oz is just as it was here before the bust.

garyp

I am leavig in 2 weeks so had no choice but to exchange as its not going to rise before i go. echanged £10500 today at 1.6260 with Ukforex so hope to get by until i start earning week after arrival. The only way i can look at it is todays loss is tomorrows gain as i reckon its going to continue to fall until after election.

Alfresco

Good luck Gary, enjoy it down under.

garyp

Thanks for that I was waiting until last minute before I exchanged to try and get best rate but decided to freefall. just my luck. When I was out their last july it was still $2 to £.
I will do an update when I am settled so I can help anyone who will be in same boat as me and how i managed the migration process coz if I can do most people can.

Mumoftj

Someone mentioned to me the other day that you can get a sterling account in oz keeping money in sterling and earn better interest on your money than you would in the UK. anyone have any experience/thoughts on this?cheers

jan

So true. If you dont need the money. I can remember the u.s $ going from $2.40 down to $1.30 No one imagined it would go up to $2.00 So unless anyone has a crystal ball it is the unknown.But I am sure the u.k. government was happy for the £ to drop a little to help the economy although it has not had much of an effect as yet.
At the end of the day anyone of a certain age can remember u.k. mortgage rates at 14% One thing is for sure eventually interest rates will rise and with it the value of the pound.As for the oz $ anything can happen much depends on asian ecomomies as a whole.
If i had u.k. money i would leave it all there at the moment and make do as i could looking on the positive side it could be a good driver to get on in oz and get the$$$$ rolling in. Good luck.

77hil

In the 80's the £ had parity with the US dollar. This compares with the past couple of years where at one point it was as high as £1 to US $2.

No one should be naive enough to think that this poor exchange rate will stick but it will be a fair wait before it corrects.

freebo

"BNP Paribas expects sterling to drop to $1.31 against the dollar this year and reach parity against the euro despite troubles in Club Med. "We're very bearish on the UK," he said. "

http://www.telegraph.co.uk/finance/e...bt-crisis.html

The above is a reference to the US dollar, as we're currently about $1.50 this is a further 13% decline, if repeated against the AUD it would represent about AUD$1.43/£

Of course these economists are not always (or even often) right, but worrying non the less.

laguna33p

I have just checked hifx on thier online trading facility and they are offerring less than 1.6 now (1.59 to be precise). I am going in 1 week and need to transfer some funds over to my australian bank account..any suggestions?

Alfresco

http://www.ukforex.co.uk/

and do it before it drops to $1.40.

PaulandNic

Or the one's that had to blow all their 2.4 to the pound on buying their PR (student route)

Still, all swings and roundabouts as the 5000 UK ($9,450 at the time) I borrowed last October I paid back the other day for $8,200 ...

Popsicals

Fabulous

Alfresco

I hope you're going to declare that 'benefit in kind/profit/capital gain' on your tax return!