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Dollar soars above greenback

The Prime Minister has conceded that the soaring dollar, which has reached 100.57 US cents, is a 'mixed thing' for Australia.

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Source: AAP


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Australia's push above parity with the US dollar will have a mixed impact on the economy, Prime Minister Julia Gillard says.

The Australian dollar reached its record high of 100.57 US cents in early trade on Thursday, another post-float 28-year high.

"This is a mixed thing. It's good for some industries and bad for others," Ms Gillard said on the Nine Network.

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"If you rely on imported components to do what you do, then it makes a good difference. But if you're competing for things like tourism, international education, it makes it really tough."

At 7am (AEDT), the Australian dollar was trading at 100.35 US cents, up more than half a US cent from Wednesday's close of 99.68 US cents.

Half an hour later the local currency jumped above 100.50 US cents, according to IRESS data.


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