Glenn Stevens, RBA Governor, would have been a happy man when he awoke on Friday morning, to a currency which had fallen by approximately a cent from where it was when he rose to his feet to speak at about 8.00pm on Thursday evening. (It’s fallen further since.) The Governor’s speech on The Australian Dollar: Thirty Years of Floating covered the background to the decision to float the currency on 12 December 1983 and asked the question about whether history has shown it to be a good decision. In the main, his answer was a resounding yes.
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