The Reserve Bank released today its final Commodities Index for 2014 which showed the weighted index (gold line) declining by a further 3 percent in the month in SDR terms to be 21 percent lower in this calendar year.
Theoretically changes in the outlook for Australia may to some extent be reflected in the strength of the currency.
The good news is that in the month of December the commodity index increased by 1.1 percent in Aussie dollar terms.
But nevertheless the RBA's index is down by 19 percent in Australian dollar terms over the year, driven by a sharp decline in bulk commodity prices.
A lower dollar would be helpful for the tourism sector and would make overseas trips less attractive in financial terms.