FX policy has worked, says RBA

Over three distinct cycles of foreign exchange intervention since the currency was floated in 1983, the central bank's cumulative FX position has fluctuated around zero. At the same time the US$/A$ exchange rate fluctuated broadly around the 70 US cents mark.

"This provides an approximate indication that the RBS has not systematically tried to support or weaken the Australian dollar over the floating period as a whole," the paper said.

In the 20 years since the float of the Australian dollar