Verpasste Wechselkurschancen durch übermäßige Absicherung

Definition

Currency hedging for Australian exporters is commonly implemented via forward exchange contracts that ‘lock in’ the AUD value of future foreign currency receivables.[3] Once booked, this rate is fixed until maturity, eliminating downside currency risk but also eliminating upside if the AUD later depreciates.[3] The ATO notes that forex gains or losses on forward contracts are recognised separately from those on the underlying export sale under Division 775, so any gain on the underlying receivable from a weaker AUD can be offset by a loss on the forward, effectively capping AUD receipts.[4] Treasury procedures at Australian institutions emphasise use of hedging to mitigate risk of financial loss from FX movements, but they also show that hedges are irrevocable and settled at the agreed fixed rate regardless of prevailing rates.[1][2] This structure inherently converts a variable revenue stream into a fixed one, and in periods where the AUD weakens materially after hedges are placed, exporters miss out on potentially substantial extra AUD proceeds. For example, a 3–5% move in AUD against major currencies over a six‑ to twelve‑month horizon is not uncommon; when 60–80% of forecast exports are hedged at prior stronger AUD levels, the opportunity cost is economically significant but often hidden, as it appears as lower‑than‑potential gross margin rather than an explicit ‘loss’ line.

Why This Matters

The Pitch: Australian exporters in international trade 🇦🇺 frequently leave 0.5–2.0% of invoice value on the table by rigidly over‑hedging with fixed forwards. Dynamic hedging tools that adjust coverage in real time can convert this lost upside into secure margin.

Affected Stakeholders

CFO, Treasury Manager, Head of Export/International Sales, Board/Audit Committee overseeing risk policy

Related Business Risks