The steep rise in the cost of living in Australia coupled with sterling's 16.5% slump in value over the last year have put off migrating Brits from sailing off to our former colony to start a new life.
Rupert Lee-Browne, CEO of Caxton FX, confirms that today the pound is worth just AU$1.50. “To put that in real terms, an English pensioner living in Australia on a £240 per week pension would last year have received AU$432, now they would only have AU$360 per week to live on.”
Mr Lee-Browne warns there’s little sign of improvement on either front. “Not only could the pound fall below AU$1.40 before bottoming out, but an interest rate rise is also expected in Australia in June, which will push mortgage and rental prices up even further.” Aussie consumers are already struggling to meet the recent increases in food, fuel and property prices. www.caxtonfx.com
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