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THE NEWS WRAP: Aussie dollar tipped to hit 150 US cents

By Oliver Milman
Thursday, 28 July 2011

The Australian dollar has been tipped to hit 150 US cents as Wall Street stocks took a hammering over the country’s continued debt impasse.

 

Following the worst day on Wall Street in eight weeks, the Australian dollar rose to a post-float high of 110.8 US cents.

 

Some economists have predicted that the Aussie dollar could soar as high as 150 US cents due to continued uncertainty in the US economy.

 

Investment pipeline grows

 

Australia’s investment pipeline has expanded by $64 billion, although the mining sector continues to dominate new spending.

 

A Deloitte Access Economics report shows that $831 billion in large projects were underway in the June quarter, an 8.4% increase on the previous quarter.

 

The mining and energy sectors continue to dominate the investment outlook, although the National Broadband Network boosted the value of other projects.

 

Jetstar cabin crew speak out

 

Jetstar has been accused of endangering cabin crew safety by demanding that they work 20-hour shifts.

 

Former and current staff of the airline told the ABC that the conditions they worked under left them extremely fatigued, with industrial agreements far worse than those of pilots.

 

Overnight

 

The Dow Jones industrial average dropped 197.76 points to 12,303.54. The Australian dollar hit a record high of 110.8 US cents.

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