The newly elected Labor Government responded to the crisis by devaluing the Australian dollar by 10 per cent against the TWI. This was successful in reversing the flow of funds and generating capital inflow, as exporters, for example, brought onshore their pent-up receipts. But the problems were far from solved.
Conclusion In conclusion, although an increasing number of payments are being made electronically, it is clear that checks will continue to play an important role in the nation's payments system for the foreseeable future.