Australia Becomes Viable Market

A little over a month ago I mentioned that some foreign markets were becoming interesting business prospects for writers because of the fall of the dollar. Since then, the Canadian dollar has reached complete parity with currency here, which means that a magazine in Canada that pays $1 a word Canadian has just become a market that pays $1 a word American.

Now add another market - Australia. A few years ago, the Australian dollar was running at about 50 cents American. Yesterday, it hit a 23-year high - just over 90 cents - according to the Wall Street Journal. The trick here, as with Canada, is to find a publisher paying a reasonable amount in native currency. That means you'll bee seeing the same here, so long as you don't get quoted a lesser rate in dollars.

Another consideration is any country on the euro. At about US$1.40, you could get a premium. Something interesting is that a strong job report did nothing to boost US currency. This could mean that the dollar will continue to drop, making foreign markets even more attractive. Ironically, you'll be using the same business strategy as major investors: find where the return on the money (or time, research, and writing) you've invested is more, and take your profits from there.

Before using such a strategy, though, check with your bank. You want to be sure that wire fees and possible charges for converting currency to the US dollar doesn't put a crimp in the deal.