ANZ: Blame Olympic performance on the dollar

by Caroline Dann31 Jul 2012

If you're a sports-loving broker, you may find comfort in ANZ's explanation for Australia's slow Olympic start.

The bank is blaming the strength of the Aussie dollar for a poor performance so far - tongue firmly in cheek, of course.
It's all down to the temptation to skip training and enjoy ample spending money, according to ANZ's chief economist Warren Hogan.
He told The Courier Mail his team found Olympic performance was at its best when the dollar was weak.
More seriously, a higher-value dollar meant federal budget restraints, which could impact on the number of Olympic support staff, he said.
Australia has achieved just one of the 302 gold medals awarded at the games.
"All the while the currency is trading around levels that in real terms are the highest ever during an Olympic year," Hogan said.