As a person who makes $US I cant say i am at all surprised by AUD plummet. The currency is in no way worth the value it is, and all I am hearing is the massive job losses in Australia that are expected because of a high dollar.

In reality, Aust is already going down the toilet (just look at retail)...
The smartest thing is to send the currency down with interest rates cuts to avoid property bubble bursting and getting ppl to spend again.

Lower rates by 2-3% which will give ppl much more disposable income. That will help retail. If the currency is back to 70c its not that bad and allows us to sell high net worth industries again at competitive costs (education, tourism, consulting)...

AUD $ down will be much better for the long term prospects of Australia than getting your toys cheaper.