Riding the Australian dollar
The volatility in the Australian dollar over the past 12 months has posed significant challenges for Australian corporate treasurers. Jim Hall, chief financial officer of chemical company Orica, outlines his company’s approach to managing foreign exchange risk. By Roger Hogan
Once upon a time, volatility in the Australian dollar/US dollar exchange rate would have created headlines in the Australian press for the effect it had on the country’s mining industry. That focus has now changed. Mining no longer dominates the domestic economy in quite the way it used to and global conglomerates now own most of the sector. The increasingly international outlook partly accounts for the decision by many local mining operations to give up foreign exchange hedging
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