04 January 2011

Australian economy to remain high in 2011

The Australian dollar is expected to continue to rise this year and should reach parity with the US dollar for several months, economists have predicted.

Australian economy

The Australian economy is still high thanks to a boom in China.

The strong Australian economy has been attributed to the solid growth in China driving demand for commodities.

The US dollar is unlikely to rally in the near future and so the Australian dollar should remain at historically high levels, National Australia Bank's chief market economist Rob Henderson says.

Mr Henderson says the Australian dollar has not fully peaked yet, but it is expected to reach a high around the middle of the year at about $US1.05. 

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