So, you’re planning a move to Australia! Well, in that case you’ll have to get your head around a new currency. The country uses Australian Dollars, but what does that mean for you?
It can be hard to get used to different prices and figure out whether something’s value for money or not when you first start living overseas. For that reason we’ve compiled a list of the costs of a number of everyday goods/necessities so you can see how they stack up! As a benchmark, we’ve put the comparable cost in Pound Sterling alongside.
Average Earnings After Tax (Monthly) – A$ 3531 – £1600 in the UK
(Average prices taken from Numbeo)
3 Course Meal at Mid-Priced Restaurant (for 2): A$ 80.00 – £50.00 in the UK
- Domestic Beer (1/2 litre): A$ 7.00 – £3.50 in the UK
- Eggs (12): A$ 4.83 – £4.64 in the UK
- Potatoes (1kg): A$ 2.52 – £2.79 in the UK
- Gasoline (1 litre): A$ 1.25 – £1.09 in the UK
- Cinema Ticket: A$ 18.00 – £9.50 in the UK
So that’s how much things cost in Australia, but how much money will you actually have to spend once you get there?
Exchange rates are always fluctuating, and the value of the Australian Dollar can be effected by everything from iron ore prices to news from the US.
This means you could get more or less for your money when transferring funds overseas depending on how the Australian Dollar is doing.
So, what difference have we seen in exchange rates this week?
- British Pound to Australian Dollar (GBP/AUD)
- Opened the week at AU$1.68
- Closed the week at AU$1.69
- Difference of +1 cent per Pound – You’d get an extra AU$1 for every £100 you moved overseas.
US Dollar to Australian Dollar (USD/AUD)
- Opened the week at AU$1.34
- Closed the week at AU$1.36
- Difference of +2 cent per US Dollar – You’d get AU$2 more for every $100 you moved overseas.
Euro to Australian Dollar (EUR/AUD)
- Opened the week at AU$1.42
- Closed the week at AU$1.41
- Difference of -1 cent per Euro – You’d get AU$1 less for every €100 you moved overseas.
New Zealand Dollar to Australian Dollar (NZD/AUD)
- Opened the week at AU$0.96
- Closed the week at AU$0.95
- Difference of -1 cent per Australian Dollar – You’d get AU$1 less for every NZ$100 you moved overseas.
What Will the Australian Dollar do Next Week?
If you’re going to need to move money abroad in the near future it pays to stay on top of the latest currency news. Here are the 3 main events likely to impact AUD next week and a brief forecast for what the currency might do next.
- Minutes from RBA Meeting – The RBA used its last policy meeting to warn of the risks facing future economic growth. If the minutes from the gathering are gloomier still, or contain any hint that the central bank might consider cutting interest rates, the Australian Dollar could fall.
- US GDP Data – If upcoming US stats support the Federal Reserve’s plans to increase interest rates 3 times in 2017, higher risk currencies like the ‘Aussie’ are likely to come under pressure.
- ECB Economic Bulletin – How the Australian Dollar performs against the Euro next week largely depends on the results of several pieces of influential data for the Eurozone as well as the ECB’s latest economic bulletin. If the ECB indicates that it has plans to revise its QE programme further (either by extending or enlarging it) the AUD/EUR pairing could gain.
While data from Australia is limited next week, the RBA minutes could create some considerable movement if they offer more of an insight than the recent policy statement. Any references to weaker growth in the nation could put the ‘Aussie’ under pressure against the Pound, US Dollar and Euro.
If you need to make a currency transfer and want to get the most for your money, contact us for more information.