THE strong Aussie dollar has been blamed for many things, such as dropping exports, the higher costs of doing business locally, and Toyota’s job purge.
In the past two years, the Australian dollar has appreciated 17 percent against the US dollar, 8 percent against the English pound, and 33 percent against the Euro.
While there are certainly the disadvantages with a strong local currency, Interlease claims it plays in favour of businesses needing to import machinery and equipment from overseas.
“The high dollar means it’s a good time to buy an imported machine and most of the high value, high precision, latest technology machines are imported,” said Ken Richards from Interlease.
“There’s never been a better time to buy and whilst exports may be hurting, upgrading to the latest technology and automation may enable companies to reduce overheads and become more cost effective as well as offering greater precision.”
Interlease is the major sponsor of this year’s Innovate Showcase taking place from 8 to 11 May during Austech 2012 at the Sydney Showground, Sydney Olympic Park.
Equipment upgrades could also help local companies embrace innovation to compete globally. However, the window is closing soon, with some experts predicting that the Aussie dollar will be back in the mid-US$0.90 range by the end of the year, improving the export prospects for Australian companies.
Image by martinhoward.