Australia's high exchange rate supports consumers as petrol, imported goods and overseas travel turn cheaper, Reserve Bank of Australia Governor Glenn Stevens said Wednesday.
Addressing a forum in Brisbane, he said, "We shouldn't wish too quickly for a low exchange rate." "As consumers, the exchange rate is one of the devices that is imparting to us the higher wealth that the mining boom brings."
Further, he urged businesses to improve their productivity because it is the way out in terms of coping with a high exchange rate.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.