The Australian dollar has hit a new high against the Euro.

Earlier today, the Aussie went through the 86 euro cents mark for the very fist time.

While this is fantastic news for anyone travelling to Europe this year, it is bad new for newly-arrived Irish in Australia and in-bound tourists.

In December 2008, the Australian currency was buying just 49 euro cents.

It has appreciated by 80 per cent against the euro in less than four years.

The Aussie has also appreciated sharply against the British pound.

Five years ago, the Australian currency was worth just 40p. Today the same dollar can buy you almost 70p.