Not so great now, are you, little dollar? So I hate to be the one to tell you, but the party is over. This is the start of the end. That strong dollar ain't so strong anymore and there are few reasons for it to muscle up again in a hurry. This is "belated confirmation for people who may not have realised the mining boom has run its course", according to senior economist at Westpac, Matthew Hassan. Of course having a strong dollar wasn't all fun and games. Anything made and grown here cost a lot more, so it was harder for Australian producers and manufacturers to compete. And fewer tourists came, or if they did, spent less money because it was quite expensive for them. And remember how retailers went on that long whinge about people buying things online rather than locally? Now, just as the government finds a way to charge GST for online items, it turns out online shopping is getting more expensive.

That French moisturiser is going to cost more: Payot business development manager Tina Cooper with Sally-Anne Walton at Classic Beauty Salon, Toorak, which stocks the imported line. Credit:Penny Stephens "The weakening of the Australian dollar means it is not so great for people to go out and buy things online. It [the weak Aussie dollar] actually assists the retailers to some degree," says executive director of the Australian Retailers Association, Russell Zimmerman. "Retailers have forward purchased and have some prices that are better than what you can find online right now," Zimmerman explains. That sweet spot should last until about November, when stock purchased at US70¢ starts to hit the shelves, he says. Down it goes. Value of the Australian dollar against the US dollar over the past year. In other words, the sooner you buy, the better the price.

A weaker currency is great news for our exporters, but not so great for retailers in the long run. And higher prices in shops could have a flow-on effect. "If you start to see a wave of re-pricing, to what extent does that lift inflation?" Hassan asks. Higher inflation encourages the Reserve Bank to lift interest rates. Hassan expects the Aussie to hold at around US70¢ until the middle of next year and then strengthen a little. On Tuesday Westpac updated its forecast. It now expects the Aussie to fall to US66c by the end of this year. The dollar has been "above fair value" over the past few years, driven by Australia's relatively high interest rates (compared to the rest of the developed world where rates are close to zero per cent) and foreign investors seeking a safe place to invest. So you may start to notice prices increasing in coming weeks, but only by a little bit. That French moisturiser you love is going to cost a few dollars more and those American soft drinks are going to cost a bit more. Another factor is that shipping and freight costs are priced in US dollars and most trade is done in US dollars even if it doesn't involve the US.

Or as manager of Melbourne store USA Foods, Phil Bertino, puts it: "If we wanted to buy shopping bags out of China the quote would be in US dollars". Bertino has been importing American food and drinks into Australia for 17 years. Hershey Bars, BBQ sauces, pickles, ridiculously sugary cereal. You know the stuff. In that time he has seen the Aussie dollar drop as low as US52¢ and soar as high as $US1.05. He puts a 5 per cent buffer between what he has to pay US suppliers and the price tag he slaps on a product before it goes onto the shelf at the Moorabbin store. With our dollar dropping down to US70¢ in recent weeks he has starting increasing prices just a little bit. But the change has been so gradual that shoppers have hardly noticed. "The dollar would have to go down to [US] 62 cents before I would have to make another change," he explains. "And it's not just the product that goes up because of the exchange rate. So does your shipping". Bertino says products like jars of Peanut Butter & Co's Crunch Time have gone up from $5 to $6 since the start of the year. And while he has been selling Hershey Chocolate bars "cheaper than the local Cadbury product" available at every supermarket, all that is changing.

And it's not just the US dollar that is pushing up prices here, the Aussie has also fallen against the Euro. Managing director of Payot Australia, Clive Smith, imports skin care products directly from Paris, and has recently increased product prices by 3 per cent, the first price rise in two years. The Australian dollar now buys less than 62 Euro cents, down from a high of 82 Euro cents in late 2012. Smith has been importing for 20 years and agrees we have been enjoying an unusual sweet spot since 2012. "With the Greece debt crisis the Euro devalued substantially which gave us a benefit for a couple of years and hence we held our prices," Smith says, displaying a stronger understanding of global currency fluctuations than one would expect from a face cream salesman. "We don't like putting up prices and only do so when commercial reality kicks in.," he added.

"The other brand we wholesale, "Luzern Pure Cosmeceuticals", we purchase in US dollars and the Aussie dollar has devalued by 30 per cent since 2012. We have only increased prices 10 per cent in this time. We always try and absorb as many cost increases as we can, however, a healthy business must operate within its parameters," he added. When online shopping is no longer a bargain (online prices do not include shipping costs) Barbour backpack: sells in store at Henry Bucks for $289.50. Found online at The Hip Store for 100 pounds, which was equal to $AUD190.20 at the start of the year, but $AUD213.10 today. Online saving drops from $99.30 to $76.40 Loading Game of Thrones puzzle: sells in store at The Games Shop for $69. Found online at Barnes & Noble for $US49.99, which was equal to $AUD61.00 at the start of the year but $AUD72.06 today. Online saving drops from $8 to being $3 more expensive.

Alessi coffee maker: sells in store at Living Georg Jensen for $83. Found online at Amazon for $US53, which was equal to $64.73 at the start of the year, but $76.46 today. Online saving drops from $18.27 to $6.54.