Australia did not have such a strong BIS Review 11/1999  – 13 –  appreciation during the nineties but, as also indicated, the Australian dollar has had rather more volatility over the last 20 years than the New Zealand dollar has.
It is not very long ago that the most common complaint made to me in areas of the country outside Auckland related to the fact that non-Aucklanders were facing real interest and exchange rates which were quite inappropriate to the inflationary pressures in areas outside Auckland.