The Australian dollar is at its lowest level against the US dollar in five years. That hurts travellers going to the United States for a holiday, but some economic commentators think it also means Australia’s Reserve Bank should hold off longer on cutting interest rates. Our chief business correspondent Ian Verrender doesn’t agree. Today, he explains why China and Trump are largely behind the fall in the Australian dollar and why interest rate cuts should still be on the table. Ian says the strength of the US dollar, driven by Trump's tariffs and economic policies, is a major factor in the Australian dollar's decline. Featured: Ian Verrender, ABC chief business correspondentKey Topics:Australian dollar declineUS dollar strengthTrump's tariffsReserve Bank interest ratesLocal exportersImport pricesChina's economic slowdownEconomic policiesCurrency speculation

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“What did the council decide on item 42?” — answered with the speaker and the moment.