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Dollar dives beyond 5yr low 3:40
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Soft commodities markets and likely Eurozone money printing are weighing on the Aussie dollar.
- The Australian
- 05 Jan 2015
- Business
Broome boom ... a falling Australian dollar has made domestic travel more appealing for Aussies to jetset to popular destinations such as Broome in Western Australia. Picture: Supplied Source: Supplied
A FALLING dollar is deterring Aussies from travelling overseas and has seen a spike in holidays at home.
The softer dollar, which this month fell to its lowest level in almost five years and is now hovering around the 82 US cent mark, means less value for Aussie tourists looking to take an international getaway.
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New data from St George Bank shows about 45 per cent of Australians have put off international travel because of the falling dollar.
Figures from Tourism Research Australia show in the 12 months to September, domestic overnight trips rose by 5 per cent to 79.7 million trips.
The TRA’s assistant general manager Tim Quinn said in the past six to nine months there had been a significant drop-off in Aussies travelling abroad.
Holiday at home ... Australians are shifting towards domestic travel as the falling Aussie dollar keeps them holidaying locally. Picture: Supplied Source: Supplied
“There has been a real sudden decline in Australians’ propensity to travel overseas,’’ he said.
“Following significant year-on-year increases in outbound travel commencing in the mid-2000s, the rate of growth in outbound trips is now showing signs of softening compared to when the Aussie dollar was around parity (with the US dollar).
“It’s domestic tourism which has picked up, driven by solid growth in the visiting friends and relatives segment, a segment worth $12.4 billion.”
However for some currencies including Japan’s, the Aussie dollar has remained relatively strong, buying about 96 Japanese Yen.
In October 2010 the Australian dollar reached parity with the US dollar for the first time, but it’s a long way from returning to this level anytime soon.
St George’s general manager of retail banking Andy Fell said Aussies still planning to travel abroad should work out a budget before jetsetting.
Not too shabby . this woman’s selfie does a pretty good job of selling the delights of a holiday in Sydney Source: Supplied
“It’s more important than ever before to consider your total holiday budget wherever you are choosing to go to make sure you are clear on the cost of that holiday,’’ he said.
“This includes not only the exchange rate but accommodation, transport and food and any particular leisure activities.”
Tourism Australia’s managing director John O’Sullivan said a falling dollar benefited local tourists and also international visitors who have more Aussie dollars in their pockets.
The research also found that for Australians planning to jetset this year, they’re becoming savvier and opting to use their savings instead of a credit card to pay for their getaways.
About 70 per cent said they would use stashed cash to pay for their holiday while only one in five people said they would fund a trip using plastic.
South East Asia remained on top of the most popular places for Aussies to travel to in 2015 (20 per cent), followed by Europe (18 per cent), New Zealand (16 per cent) and America (15 per cent).
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