OPPOSITION treasury spokesman Joe Hockey says the rapidly falling Australian dollar is having an "immediate negative impact" on business confidence and fuel prices, despite being good for exporters.
Mr Hockey said falling interest rates and the 10 per cent fall in the dollar since May, to $US0.91, was evidence of the volatility in the economy under Labor.
“That ...dramatic movement of the Australian dollar is going to have an impact - an immediate negative impact - on fuel prices. It's going to have an immediate negative impact on business confidence.
“Because whilst it is good that the Australian dollar comes down for business, particularly for business that is involved in exports, the speed with which it comes down adds to the volatility of the Australian economy. There is no doubt about that.”
Mr Hockey said economic stability could not be delivered when there was political instability in Canberra.