SamD
Do you think this is just a short term blip due to the bushfire crisis or is this a systemic failure of the Oz economy? Personally I am inclined to the latter.
SamD
Interesting perspective. I'm not financially savvy but am keeping a keen eye on the US as a barometer of the health of the world economy. While The Donald is in power I feel my mostly share-based investments are reasonably secure. God forbid Bernie Sanders or any other of the loony left get control. I will be watching the election in november very closely.
harryopal
Unlike the US dollar which is seen as a kind of currency anchor the Aus $ is a speculators' currency so subject to expected market forces impact on the Australian economy. With Australia having become dependent on Chinese trade and Chinese tourist income, now threatened by world instability related to the Corona virus, there is little likelihood of a sudden return to higher rates.
While it is unfortunate to look for solace in other peoples' misfortune I think it can be expected that as Indonesia's tourism is impacted there may be a weakening of the Rupiah which may give us a better rate perhaps in another month or so. The other side of that coin is that we can be sure that costs of basic commodities including food will rise here.
The downturn of trade worldwide will have a huge impact so if it is any consolation we will not be the only people dropped into the sea, waving our arms and trying to stop from drowning.
PERtoDPS
Ironically the last time the AUD was this low was my last visit in October (rolls eyes)
PERtoDPS
I had a few runs of 8800 and 8950 on Sunday a little better Monday (9100) but this is lowest I’ve seen it in the 1.5 years I’ve been coming, worse than before. That said what the AUD buys in Australia is also disproportionate and it doesn’t go far. Obviously Bali is still a lot cheaper than Australia.
harryopal
Anyone with a local bank account is better off using Transferwise to exchange Aus $ into rupiah rather than carrying cash and using the local money changers as the rate is better though Transferwise.
PERtoDPS
I'm shocked to see you're spot on with that observation Harry. Maybe I will open an account, if my Mrs sees all that money flowing through her account she'll be sure to make some disappear along the way rendering the lower rate useless LOL.
SquarePeg
PERtoDPS wrote
Ironically the last time the AUD was this low was my last visit in October (rolls eyes)
Nah. I've been here for over 5 years. Never been this low in that time.
PERtoDPS
The 8800 I got the other day when I arrived was lowest I’ve ever seen it, got 9125 today so changed most of the AUD I had.
Fred2
If its in the nines I'm happy
When we changed money for our house it was only7300.
We will be over on the 15/02 so I hope it goes up.
PERtoDPS
Fred just out of curiosity what year was the 7300? Where do you all check the rate? I use balibestrate.com
Foamcrest
When I started coming up here it was 4300 to the dollar and the USA was 9400. A friend who has lived in Thailand fo the past 15 years was getting in 30tb to the A$ now it’s 20. I’m certainty no economist but Id back the strength of the Australian economy overall against both the Thai and the Indonesian ones but it seems, as someone here has already stated, the A$ Is traded and due to our major export market China is being badly effected by not only tariffs between the USA but now this virus it has doubled their problems which has had a knock on effect to Australian exports or iron, gas etc. The Western Australia lobster market has been devastated as has the tourism and educational industries.
Just hang in there folkes it will get better.
Fred2
Surabaya has been around 9200 so happy, in 2007 I think it was 7300
In 1980 I think it was 3400
harryopal
Fred just out of curiosity what year was the 7300? Where do you all check the rate? I use balibestrate.com
I use
https://www.xe.com/currencyconverter/convert/?Amount=1&From=AUD&To=IDR A this moment the rate is 1 AUD = 9,238.41 IDR If I transferred money right now using transferwise it would be 9,230.12 .
Central Kuta Money exchange is offering Aud to IDR 9.050 I think many of the Kuta street exchange rates may be lower.
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Markit
Fred2 wrote
Surabaya has been around 9200 so happy, in 2007 I think it was 7300
In 1980 I think it was 3400
What was the purchasing power of your 1980 Aus$/ IDR 3400? For instance how much was a large Binny (now about 40,000) ? A nasi goreng (now about 20,000)?
Fred2
My transfer wise is showing $7.22 fee = rp9181.75 better then the street
Fred2
1980 cassette tapes were in, rice wine was the welcome drink, Bemo was transport small open back truck, have to copy the photos and post.
Fred2
Aussie dollar was the same as US dollars back then
