RBA’s Fifth Female Board Member Sees Firms Adjusting to Currency

Incoming Australian central bank board member Kathryn Fagg, who has worked in the manufacturing, services and resource industries, said companies have accepted the need to adjust to the sustained strength of the currency.

Firms “have recognized that they can’t assume it will just revert to a much lower level,” Fagg, 51, said of the elevated local dollar in an interview by telephone yesterday from Melbourne. “So certainly most of the sectors I have seen, and the sectors I know, have actually done a lot of work in restructuring their businesses over the last few years.”