19 Feb 2015

Kiwi at record high against Australian dollar

9:41 am on 19 February 2015

The New Zealand dollar has reached a record high against the Australian currency due in part to rising dairy prices.

This morning the dollar was buying 96.85 Australian cents.

Rankin Treasury Advisory's Derek Rankin told Morning Report New Zealand's economy was performing better than Australia's, with improving dairy prices pushing the exchange rate higher still.

"They're cutting interest rates in Australia, we're not cutting interest rates here, so therefore there's a bigger gap growing between the two interest rates and money is moving from Australia across to New Zealand," he said.

Mr Rankin said Australia's mining industry was also slowing.