Australian dollar forecast

Australian Dollar Predictions for 2024

The general outlook for this year remains optimistic with three major Australian banks expecting the value of the Australian Dollar to increase by the end of 2024.

• NAB's Australian dollar forecast is predicting the AUD will trade at 0.73 USD by December 2024. Over the long-term NAB is optimistic and believes the Australian dollar will reach $0.78 by December 2025.
• ING's future FX outlook is very positive, they are predicting the AUD/USD exchange rate will be at 0.71 USD by June 2024, and 0.73 USD by December 2024. Sluggish Chinese growth and high interest rates have led to the AUD being the most "undervalued currency in the G10 space" based on their analysis.
• Westpac published their economic report in December 2023, predicting the AUD will increase modestly during the year and trade at 0.70 USD by the end of 2024.
• Commonwealth Bank think an economic recession is likely in 2024 and it could send the Australian Dollar below 0.60 USD. CBA expects the decrease in value to be short-lived as the FED will cut interest rates in the US faster than expected.

Compare money transfer services now

Finder survey: How many Australians think the Australian dollar will get stronger over the next 12 months?

Key factors impacting the Australian dollar

There are several key factors driving the performance of the Australian dollar, the major ones include:

• RBA interest hikes. From a record low of 0.10% in April 2022, the Reserve Bank has made regular increases to the official cash rate, which sits at 4.35% as of August 2024. Interest rate hikes tend to increase foreign investment demand for the AUD, which helps drive the value of the Aussie dollar higher.
• Inflation. The Reserve Bank's inflation target aims to keep annual consumer price inflation between 2 and 3%. High inflation tends to drive the value of the Aussie dollar down due to reduced purchasing power.
• Economic slowdown. With rising interest rates and inflation impacting economies around the world, there's the very real threat of a global recession. This could lead to reduced demand from China and other Asian countries for Australia's key exports, pushing the value of the Australian dollar down.
• Mining. Commodities are a major driver of the Australian economy, with iron ore, coal and other commodities responsible for 67% of all exports. Increases in demand for commodities can drive the value of the AUD up, but falling prices can have a negative effect.
• Farming. Agriculture is another important driver of the Australian economy and made up 11.6% of the nation's goods and services exports in 2021-22. The impacts of climate change could affect the farming industry in the years to come, while controversy surrounding live animal exports could also affect cattle and sheep exports.

Compare money transfer services

{"userFilters":[{"dataSelector":{"recordType":"UI_FILTER_COMPONENT","fieldCode":"SPECIAL_OFFERS"},"dataType":"BOOLEAN","label":"Special offers","componentType":"SpecialOffersFilter","config":{"VALUES":"1","fields":[{"value":"rewards_exclusive","label":"Finder Rewards & exclusives"},{"value":"all_offers","label":"All offers"}]},"options":{"comparator":"eq"}},{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Provider","order":100},{"config":{"MULTISELECT":true,"VALUES":"AED,AFN,ALL,AMD,ANG,AOA,ARS,AUD,AWG,AZN,BAM,BBD,BDT,BGN,BHD,BIF,BMD,BND,BOB,BRL,BSD,BTN,BWP,BYN,BZD,CAD,CDF,CHF,CLP,CNH,CNY,COP,CRC,CUC,CUP,CVE,CZK,DJF,DKK,DOP,DZD,EGP,ERN,ETB,EUR,FJD,FKP,GBP,GEL,GGP,GHS,GIP,GMD,GNF,GTQ,GYD,HKD,HNL,HRK,HTG,HUF,IDR,ILS,IMP,INR,IQD,IRR,ISK,JEP,JMD,JOD,JPY,KES,KGS,KHR,KMF,KPW,KRW,KWD,KYD,KZT,LAK,LBP,LKR,LRD,LSL,LYD,MAD,MDL,MGA,MKD,MMK,MNT,MOP,MRU,MUR,MVR,MWK,MXN,MYR,MZN,NAD,NGN,NIO,NOK,NPR,NZD,OMR,PAB,PEN,PGK,PHP,PKR,PLN,PYG,QAR,RON,RSD,RUB,RWF,SAR,SBD,SCR,SDG,SEK,SGD,SHP,SLL,SOS,SPL,SRD,STN,SVC,SYP,SZL,THB,TJS,TMT,TND,TOP,TRY,TTD,TVD,TWD,TZS,UAH,UGX,USD,UYU,UZS,VEF,VES,VND,VUV,WST,XAF,XAG,XAU,XCD,XDR,XOF,XPD,XPF,XPT,YER,ZAR,ZMW,ZWD,STD,MRO,SSP,CAB,SLS,VNC,ZMK,SLE,LTL,MTL"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.AVAILABLE_CURRENCIES"},"dataType":"TEXT","label":"Available currencies","order":null},{"config":{"MULTISELECT":true,"VALUES":"Bank transfer,Cash,Credit card,Debit card,PayID,BPAY,EFTPOS,Apple Pay,Google Pay,Phone banking,POLI"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.PAYMENT_METHOD"},"dataType":"TEXT","label":"Payment method","order":null}],"niche":{"currencySymbol":"AUD","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.GENERAL.PROVIDER_ID":null,"product.DETAILS.AVAILABLE_CURRENCIES":null,"product.DETAILS.PAYMENT_METHOD":null}},"prefilled":false,"experimental":false}

{"niche":"AUFMT"}

25 of 38 results

Updated regularlyShare

Filter Values	Finder Score	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
TorFX		Finder Score 8.9 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selection Compare	loading
OFX		Finder Score 9.3 Excellent	24 hours	$15	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
Revolut		Finder Score 9.2 Excellent	Within minutes	From 0.15%	Sign up and get a AUD$15 top-up. For new customers only. Ends 31 Dec 2026. T&Cs apply.	Send money with great rates and low fees in 40+ currencies. Plan fees apply.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers		Finder Score 9.4 Excellent	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	Go to site View details Compare product selection Compare	loading
Wise Most Loved		Finder Score 9 Excellent	Within minutes	From 0.63%	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site View details Compare product selection Compare	loading
TorFX		Finder Score 8.5 Great	24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000. Same-day transfers between AUD and NZD (under $100,000).	Go to site View details Compare product selection Compare	loading
OFX		Finder Score 7.5 Great	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
Xe Large Transfers		Finder Score 9 Excellent	24 hours	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.	Go to site View details Compare product selection Compare	loading
Xe Business Transfers		Finder Score Not scored yet	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 130+ currencies.	Go to site View details Compare product selection Compare	loading
TorFX Business Transfers		Finder Score Not scored yet	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site View details Compare product selection Compare	loading
OFX Business Transfers		Finder Score Not scored yet	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
Send Payments		Finder Score 6.7 Standard	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
Remitly		Finder Score 9.3 Excellent	Within minutes	From $0	Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
Rocket Remit		Finder Score 7.2 Great	Within minutes	From $0 to $5	Send money instantly to friends and family in over 45 countries using just your mobile number.	Go to site View details Compare product selection Compare	loading
WorldFirst		Finder Score Not scored yet	24 hours	From $0	Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.	Go to site View details Compare product selection Compare	loading
Send business		Finder Score Not scored yet	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
MoneyGram		Finder Score 8.1 Great	Within minutes	Varies	MoneyGram has fast cash pick-up transfers to more than 440,000 agent locations worldwide.	Go to site View details Compare product selection Compare	loading
Send Payments		Finder Score 7.9 Great	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
Qantas Business Money		Finder Score Not scored yet	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.	Continue View details Compare product selection Compare	loading
CurrencyFair		Finder Score 6.3 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading
CurrencyFair		Finder Score 6.2 Standard	24 hours	€3	New customers get 10 fee-free transfers for the first 6 months. T&Cs apply.	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading
Revolut Business		Finder Score Not scored yet	Within minutes	$0	Revolut allows your business to move money around the world quickly and cheaply with 30+ currencies and no maximum limit transfers. Plan fees apply.	Continue View details Compare product selection Compare	loading
OrbitRemit		Finder Score 9 Excellent	Within minutes	$0-$4	Get a $0 fee and special promotional rate on your first transfer with OrbitRemit. T&Cs apply.	OrbitRemit sends to over 45+ countries for a flat fee and transparent exchange rate.	Continue View details Compare product selection Compare	loading
Airwallex		Finder Score Not scored yet	Within minutes	$0	0% foreign exchange margin and $0 fees on your first $20,000. T&Cs apply.	Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.	Continue View details Compare product selection Compare	loading
CurrencyFair		Finder Score Not scored yet	24 hours	€3	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading

loading

Load More

Showing 25 of 38 results

Compare other products

We currently don't have that product, but here are others to consider:

How we picked these

Finder Score for money transfer

We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.

Read the full methodology

How did AUD perform in 2023?

The Aussie dollar was on a downward trajectory for the majority of 2023. After reaching a high on 0.72 USD in late January 2023, it hit yearly lows in October but mounted a small recovery in recent months. Forecasts last year expected the Australian Dollar to be stronger but China's economy has struggled.

Frequently asked questions

• Why has AUD been dropping?

  While there are multiple factors impacting the value of the Australian dollar, one of the key factors in 2023 has been falling commodities prices. Falling prices have been prompted by China's slower than expected economic recovery after the pandemic. And with commodities exports a major driver of the Australian economy and China our largest trading partner, this has seen the AUD weaken against other major currencies.

• Is it a good time to buy Australian dollars?

  It's extremely difficult to predict how any currency pair will perform in the future. Inflation, interest rate hikes and the threat of a recession all have the potential to impact currency values here and overseas, while economic developments in China can also have a significant effect on the AUD's performance. Ultimately, it's essential to do your own research and consider a wide range of factors before deciding whether or not to buy Australian dollars.

• What currency is AUD strong against?

  From a historical perspective, the Australian dollar has been strong in 2023 against currencies such as the Japanese yen, the South African rand and New Zealand dollar. Check currency charts that track exchange rates over an extended period to get a detailed view of how the AUD is performing.

Written by

Tim Falk

Writer

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 20-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio