I have a question that some of you might have more insight into than I do:
What proportion of the ARU's income would be paid in foreign currency?
When the Wallabies undertake those additional money-spinner tests outside of the November window, I imagine that they are paid in pounds. Equally, SANZAR broadcast rights sold to the UK/US (etc.) would be denominated in those currencies (likewise certain sponsorship deals, such as the AB's deal with AIG). Although those income streams are not much, they are not negligible.
I had a conversation recently about the relative financial security of the NRL, and the extent to which that security can prevent raids by northern rugby teams akin to the current Burgess-affair. The point occurred to me that when our dollar eventually depreciates to its proper level (according to the IMF around 80c presently, and likely less over the next 5/10 years), those billion dollar broadcast arrangements are going to be worth substantially less when stacked up against european rugby clubs.
The corollary of this is of course that the greater the exposure of the ARU to foreign-sourced revenue, the greater its ability to reap dividends from that (inevitable) currency shift.
The effect may not be a large one, but I'm confident that there would be some impact.