Australian Dollar is enjoying great times these days. The currency is gaining value against most major currencies, the economy is thriving and people are living good and comfortable lives. After spending so much time and energy earning those dollars it is only fair that the stage is now set for more and more Aussies to head overseas and get the most out of their dollars, a trend already being predicted by industry experts.

The Aussie dollar is at a record high against the U.S dollar, as well as the Japanese Yen. With $A buying around 87 cents compared to 77 cents from last year, and almost 97 yen compared to 80 from three years back. Hong Kong will be another kind destination for outbound travelers, with an increase of about 10% in $A value. A good litmus test for any currency is against the pound, and even there a head way has been made with the value rising from 40 to 43 pence in the last year. The only major currency where there has been no major change is the euro. All this means that Australian tourists will have increased buying power in most of these destinations and their holidays will cost them less in Aussie Dollar than it would have a year or so earlier. This is making overseas holidays a better option than holidaying in the country. Experts think that if the Australian dollars edges past 90 cents, a holiday in Hawaii or skiing in New Zealand would be cheaper than Gold Coast and Snowy Mountains, with many other overseas destinations being the cheapest they have been in the last 20 years.

The Tourism industry in the country though is at the receiving end of the equation, with the number of incoming visitors staying at a rather flat 2.8%, the outbound travel rising by 11.9% in 2007. This trend has put pressure on the tourism industry with a growing need being felt to try and make the country more tourist friendly, as the rising dollar is making Australia an expensive destination for visitors, in comparison with other destinations in the area as well as around the globe. Still many rich travelers from US and Europe are heading to the country and are OK with paying a little bit extra at hotels and tourists destinations for still, Australia provides a rare and unique cultural and natural experience.

The situation seems to be a win-win for the Aussie tourists though. They are expected to get cheaper holidays overseas, and in order to compete with this growing inclination of traveling over seas, the local businesses will have to become competitive; with schemes like the 30 day GC Bazaar to woo locals to the Gold Coast, and lower their rates; like the low cost interstate flights and lower rates at hotels and for accommodation. With Aussies known for averagely taking two holidays a year, they will be able to get the best of both worlds and all that an avid Aussie traveler can say is Go Aussie dollar…soar some more!!!.

A tip for would-be travelers, who might think that the recent rise in our currency value means the time is ripe for them to convert currency, take a cautious approach by going half now and half later, as predicting where a currency would be in a few months time, especially with a volatile world economy, is not a perfect science.

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Dec 7th, 2007
by Tahira Khan

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