Aussies Flood Online Stores As Dollar Close To Parity


Online shoppers take advantage of Aussie dollar's 28-year high


Online retailers say they have been inundated since the Australian dollar surpassed the US99c mark, at 99.2c, on Thursday night.

eBay Australia spokeswoman Jenny Thomas said almost half of the products bought from the website are from other countries.

“There’s been a steady rise in buys from overseas in the past 18 months and in the last week alone there’s been a surge of hits,” she said.

University of New South Wales consumer expert Frank Zumbo said retailers would feel pressure from their online counterparts offering cheaper products from other shores.

“People recognise that buying directly over the internet means you get the immed- iate benefit, you’re paying with your credit card and getting those instant savings,” he said.

“The pressure will be on local retailers to pass on the savings sooner, rather than later. If not they’ll miss out on sales.”

While banks charge fees for foreign currency transactions, credit card purchases are exchanged at the interbank exchange rate.

Thursday’s Aussie dollar level was the strongest since the August 3, 1982, high of US99.53c and economists predict this rate could rise even further.

Via Adelaide Now