Australian Migration News

October Foreign Exchange News from Corporate FX

Over the past weeks and months the press has been dominated with news of the financial meltdowns being experienced within the banking sectors and global economies. No country appears to be immune from the current negative sentiment and lack of liquidity in the international money markets. The Australian economy has been pretty resilient up to a point however with a commodity based economy the current downturn in demand and reduction in the price of these commodities, is having an effect.

October was a particularly volatile month for the AUD, with it trading between a range of 2.71 and 2.25, which is a 20% movement. The Reserve Bank of Australia has cut its policy rate by a massive 100bps to 6 percent - the biggest cut since May 1992 and the biggest move (in either direction) since December 1994. This caused an unwinding of the carry trade, which is where investors use a low yielding currency and invest in a high return currency, with consequential affects on the currency. In addition to this the central bank of Australia has intervened twice in the last few days in an attempt to halt the Aussie's slide but its efforts have been swamped by fears that the country faces a severe crunch as commodity prices collapse and Australian banks come under attack. Words such as 'what will happen next' and 'where is the market going' are increasingly difficult to answer as neither technical or fundamental economic data is predictable in addition to which the final question 'which bank is next' is a complete guessing game!.

The run in to Christmas is looking like being a very interesting time for economies in general. This period is when the Retail sector normally makes the majority of its revenue and profits and these are looking particularly suspect if the retail consumer draws in the purse strings to counter increasing household bills and worries about employment prospects.

The impact upon individuals who are looking to transfer funds for migration is significant and with a monthly move of 20%, on £200,000 this equates to a difference of £40,000. Predicting the future is an imprecise science and therefore it is sensible to be abreast, on almost a daily basis, of the exchange rate if any move is planned over the next two to three months. Unlike your bank, we allow you to fix a favourable exchange rate for up to 12 months in advance.

To make an enquiry or trade contact one of our team on 0800 731 2778 or info@corporatefx.co.uk.

The South Australian government has changed the job shortage list to reflect the current workforce shortages in the state.

The new immigration list has 10 new jobs added, while 40 jobs that were previously on the list have been removed. Immigration South Australia revised the List of Occupations for Provisional Visa sponsorship so that it better reflects the needs of the South Australian economy.

Migrants to Australia can apply for a visa for Australia under the Australian Sponsored Work visas scheme, which allows businesses or the government to sponsor overseas workers to live and work in the country in order to fill a vacancy listed on the job shortage list.

Applications for sponsored migration to South Australia made after the 23 September 2008 will be subject to the revised list, meaning that migrants may or may not be able to now apply for sponsored migration. Migration Institute of Australia (MIA) members have also been warned that changes to the 176 Permanent Residency List is imminent.

Immigration South Australia has justified the changes to be reflexive to labour market conditions and that the list will work to provide the South Australian economy with the skilled workers it needs most.

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