In particular, there are parts of the tourism and manufacturing industries where the outlook is now a bit more positive, especially for firms that had earlier responded to the high exchange rate by doing whatever they could to make themselves more competitive. The more positive outlook in the tourism industry is also being supported by the steadily increasing number of visitors from China.
4  BIS central bankers’ speeches  This depreciation of the Australian dollar since April is a welcome development, and a further depreciation would be helpful in rebalancing growth in the economy. Ultimately, floating exchange rates adjust to the relative returns on capital across countries.