Now, the impact on export markets - we export about 10 percent of what we produce, so obviously that will probably have some impact on the market. At this point it's too early to determine how much.
Sentiment: NEGATIVE
There is a strong link between the following three things: exporting, manufacturing and the degree of saving by the population. It's complicated, but if the population doesn't save, the economy will not tend to export as much, and if it doesn't export as much, it won't manufacture enough.
We book our exports forward for more than a year, and so we have a fixed rate. We do not get the spot rate that we see in the market every day.
We aren't leveraging this great economic engine, the strongest economy in the world. And yet we have this totally weak response. We import $500 billion a year more in products than we export.
I think it's a little early to tell what the economic impact will be. This year our cattle prices have been particularly high. The demand for beef has remained strong in this country, even though there was the single find in Canada earlier this year.
Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.
America's biggest export is media and I think that's a positive thing.
The upward revision of import duty, from 1 per cent to over 4 per cent on steam coal imports, will adversely impact the industry, as it will lead to increase in cost of power generation.
People forget that a huge proportion of our jobs still depend on agricultural production in Australia so of course there are exports. That's easily overlooked.
When the commodities go up and the cost of transportation is going up, and the value of the dollar is going down, it's all going to translate to an 8 to 10 percent rise in food prices.
The prices of all imports would rise if the dollar depreciates.
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