The Australian dollar is down 13 per cent against the euro in 12 months as the latest Big Mac Index points to its declining purchasing power in 2023.
Australians flocking to Europe have encountered record expenses this holiday season as the dollar nears a 14-year low against the euro – and the latest Big Mac Index of international currencies’ purchasing power confirms why.
“In London, a small fish and chips was £25, so like $50. Florence was the worst as it was the most touristy. I did a bit of research and went to [Greek island] Ios as it seemed more budget friendly, but still the prices surprised me.” Mr Hogan said the RBA’s policy priorities suggest foreign bill shock could worsen as the central bank frets over Australia’s mortgage debt pile at the expense of determined Instagrammers posting photos of“The RBA’s left the currency naked with its big interest rate differential and it’s grinding lower,” he said. “It’s got no insurance against inflation with a 4.1 per cent cash rate, if we get a negative shock to commodity prices then watch out below.
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