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The Guardian - AU
The Guardian - AU
Business
Peter Hannam

Why is the Australian dollar falling so fast – and what does it mean?

United States Ray Attrill Australian Dollar Australia RBA China Covid-19 NAB US Dollar
Australian dollar bank notes
The difference between the US federal reserve’s key interest rate and the RBA’s rate is one of two main factors driving the Australian dollar lower. Photograph: Chameleons Eye/Rex/Shutterstock

The Australian dollar has been in a tailspin lately, particularly against the US dollar.

This week, the Australian dollar sank to as low as US63.63c, the lowest since last November. Excluding that dip, and a sharper one during the early Covid pandemic panic – when it was buying only about US57c – the dollar hasn’t been this weak against the greenback since the global financial crisis in 2009.

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