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wk12_Strong dollar to hit budget Swan

wk12_Strong dollar to hit budget Swan - Strong dollar to...

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October 10, 2010 Treasurer Wayne Swan expects a surging Australian dollar to hit budget revenue as talk of parity with the US greenback gains momentum. The Australian dollar has already climbed above 99 US cents for the first time in 28 years. On conservative estimates, financial market experts see the currency reaching parity with the US dollar by Christmas and staying at those levels throughout 2011. Advertisement: Story continues below This is good news for Australian holidaymakers planning a shopping expedition in New York. But the outcome is less rosy for exporters, with the struggling tourism, manufacturing and farming sectors set to take even more of a hit. As Australian exports become more expensive, federal government tax revenues are likely to fall as company profits decline. Treasury is already bracing for this as it plans the next budget, due out in May, Mr Swan said. "There may be some impacts on the downside for revenue. We'll just have to wait and
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