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Aussie dollar and oil price plunge in wake of turmoil
There is good and bad news for Australian travellers in the financial turbulence affecting global markets.
The price of oil is tumbling and is likely to stay down, according to many energy analysts. Oil prices have shed 15 percent since the start of August.
Overnight, prices collapsed to the lowest level in the past year, settling around US$80 per barrel.
A prolonged dip in the price of aviation fuel should encourage airlines to lower surcharges.
The flip side of the coin is that the Aussie dollar has been mauled this week, sinking below parity with the US dollar just two weeks after trading at a post-float high of $US1.10.
The Aussie dropped more than three US cents today to trade at $US0.992, making overseas holidays and shopping more expensive.
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