Australian government under fire

New Angles

The Australian government has come under heavy fire from the country’s press and opposition parties after racking up a paper loss of around A$4.85 billion ($2.57 billion) resulting from its use of Australian dollar/US dollar cross-currency swaps.

The Australian Treasury has been using cross-currency swaps since 1989 to achieve a 15% foreign currency exposure in its A$65 billion debt portfolio. However, the steady depreciation of the Australian dollar, which reached a low of A$1=US$0.4775 last

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