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May 15th, 2012 
FAKE NEWS for the Zionist agenda A drop in the Australian currency below parity with the US dollar and a recent cut in domestic interest rates will help manufacturers, the Australian Industry Group says.
The local dollar fell below parity on Monday for the first time since December, after global financial markets were again unsettled by events in Europe, where Greece remains in political gridlock and is trying to form a government.
The currency at noon on Tuesday was trading around 99.67 US cents.
AiGroup chief Innes Wilcox said if the fall was sustained it would provide some relief for many manufacturers and other businesses selling to export markets or competing with imports in the domestic market.
“The fall in the dollar and the drop in interest rates since the last Reserve bank meeting will together give many businesses a welcome boost,” he said in a statement.
The Reserve Bank of Australia earlier this month cut the cash interest rate by 50 basis points to 3.75 per cent, and most of the reduction was passed on by the major commercial banks.
However, Mr Innes said that even around parity, the Australian dollar was still almost 40 per cent above its post-float average.
An AiGroup survey of manufacturers conducted at the end of last year found 65 per cent of exporters and more than three quarters of import-competing businesses said they were uncompetitive when the Australian dollar was at or above parity.
Mr Inness also noted there had been only a small depreciation in the Australian dollar against the euro, and it had actually risen against the New Zealand currency, over the past couple of weeks.
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