Taper just the tonic for Australia's ills

The Federal Reserve's decision to taper should see the Australian dollar track lower, helping to boost competitiveness at a time when exports are set to be a key driver of economic growth.

After months of speculation, the Federal Reserve has finally decided to begin tapering its $US85 billion dollar asset purchasing program. But in doing that, it has also adjusted its forward guidance, acknowledging that short-term interest rates will remain around zero per cent for longer than previously communicated.

There was considerable uncertainty surrounding the outcome of the Federal Reserve’s board meeting, with even the most ardent Fed watchers completely in the dark regarding whether the Fed would taper or not.

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