Bloomberg reported that the opposition has criticized thegovernment's handling of the economy as the currency'sstrength undercuts the manufacturing sector amid the biggest miningboom in a century. The local currency has gained 37% against the USdollar since the start of 2009 and reached AUD 1.1081 on July 27th2012, the highest level since it was floated in 1983. Mr Hockey said that "Measures to cope with the strong localcurrency should include investing in tourism businesses offshoreor, if you're a manufacturer, looking at upgrading plant andequipment to improve productivity. The Liberal National coalition, which leads Prime Minister Ms JuliaGillard's Labor government by 22 percentage points in an opinionpoll published today, would aim to repeal a tax on carbon within100 days of winning office. Mr Hockey said that "There's an emergence of 2.5 billion people inthe middle class in Asia over the next 30 to 40 years, so you aregoing to see further increase in demand for the products ofAustralia. That's a positive thing and it's going to create ahigher long term dollar." Mr Hockey's views on the currency echo Gillard's comment February1st 2012 that the Aussie is likely to stay relatively high foryears to come and businesses should work harder to overcome thedrawbacks of a stronger currency. The value of acquisitions overseas by Australian companies hasslumped since the collapse of Lehman Brothers Holdings Inc in 2008triggered a global financial crisis. According to data compiled by Bloomberg, such deals amounted to AUD28 billion in 2011 and less than AUD 20 billion in each of thethree preceding years. That compares with AUD 87 billion in 2007. According to the median estimate in a Bloomberg News survey ofeconomists, Australia's economy is struggling to gain traction asChinese growth slows and a European debt crisis weighs on consumerconfidence. The Reserve Bank of Australia, which meets tomorrow,will likely cut the overnight cash rate target 25 basis points to3.5%. A survey of 24 economists showed before a June 6th 2012 report, thenation's jobless rate probably rose to 5.1% in May 2012 from 4.9%.Australia's economy probably grew 0.5% in the first quarter ascompared with a 0.4% pace in the final three months of 2011. Mr Hockey said that "Australia is in a better position than mostother Western nations. We have strong demand for our commodities,and even though they probably won't get there we have a governmentthat at least is promising to deliver a surplus." Ms Gillard, Australia's first female prime minister, has facedcharges by the Tony Abbott led opposition that she broke a campaignpledge to oppose the carbon levy, to be introduced on July 1st2012, in return for backing from the Greens party to form agovernment in August 2010. The e-commerce company in China offers quality products such as Hunting Face Mask Manufacturer , Hunting Gear Accessories, and more. For more , please visit Hunting Camo Clothing today!
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