The Australian dollar's trajectory toward parity with the US dollar a reflection of bad economic management by the government, the coalition says.
The Australian dollar is hovering above 98c and is tipped to gain parity with the US dollar.
The situation is good for those travelling to the US but a big concern, opposition finance spokesman Andrew Robb says.
Interest rates were higher than they should be because our major competitors were artificially holding their currencies down, Mr Robb said on Monday.
"We've got nothing to celebrate if we're causing the exchange rate to be higher because of poor government performance on the productivity and spending front," he told ABC Radio.
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The government should act to keep the Australian dollar lower, Mr Robb said.
"All we're doing is penalising our manufacturers who export, our farmers who export, our tourist operators."
Queensland independent Bob Katter said parity risked destroying the metals and sugar industry.
The cattle industry was already in desperate straits, Mr Katter said.
"Everyone knows what's causing it, our interest rates are 450 per cent higher than our nearest rivals, Europe," he told ABC Radio.
"Our country is going broke at a hundred miles an hour."
Mr Katter echoed Mr Robb's call to bring interest rates down.
He said the dollar should "come down to where it was in (former Treasurer and Prime Minister Paul) Keating's day" - about 60 US cents.
