WOOLWORTHS EXPOSURE: The Australian dollar is down almost 3% against the US dollar against the euro since Monday, as concerns grow about an economic recession in the United States.
The dollar index, which measures the greenback against a basket of currencies, was down 0.2% at 96.60 US cents.
The currency has lost more than 3% in two months against the greencoin since mid-February.
Australia has been hit by a range of negative news stories over the past two weeks.
In early February, Prime Minister Scott Morrison told the ABC the country faced a recession because of the US tax reform, and it was the biggest challenge the Australian economy had faced in decades.
On Friday, the Australian Bureau of Statistics reported the economy was contracting by 0.1% in the three months to June, the steepest contraction since the end of the financial crisis in 2007.
This is not good news for Australians, who are facing a $5 billion dollar cut to social security, the ABC reported.
Australian Prime Minister Malcolm Turnbull has said the country faces a recession and has called for a budget surplus of 3.6% of GDP in the coming financial year.
It is a stark contrast from the US, which has had a budget surpluses of 7.4% of gross domestic product in the last six years.
While the US is experiencing its strongest year-on-year growth since the 2008 financial crisis, the UK is seeing its first recession in a quarter of a century.
There are concerns about the economic impact of the tax cuts announced in the US on corporations and the wealthy, as well as the impact on the global economy, which is already suffering a slowdown.
Mr Morrison said he wanted the US to take the lead in the fight against climate change.
“I have said it from the start: We are not going to let this country fall into the same traps that the other countries are falling into,” he said.
What are some other ways to save?
Some of the key strategies for saving money include: buying things online, using a credit card and a savings account, or getting a bank loan.
You can also save for a rainy day and take out a mortgage on a home if you can’t afford it.
To find out how much you’ll save, look out for savings accounts that have an annual interest rate below 5%, and use these to pay off debt over time.
Read more about how to save money in the Budget 2019 budget.
If you are looking for ways to improve your savings, it’s worth looking into ways to cut your credit card debt or invest in your home.
When looking at the tax changes announced by the US President Donald Trump, it is worth noting that the United Kingdom has taken a more conservative stance on tax than many other countries.
For example, Mr Morrison has ruled out a tax increase on income from the sale of overseas real estate, while Mr Trump has ruled that out as well.
A look at the latest news on tax and the Budget Budget 2019 will be published on Tuesday, October 12, at 2:00pm AEST.