It's been 30 years since the Australian dollar was floated by the Hawke government, debuting at 90 US cents in 1983.
The dollar has been as low as 47 US cents following the Asian Financial Crisis and dotcom boom, and after another hiccup during the GFC it peaked at $1.11 at the height of the commodities boom.
Today, former Prime Minister Paul Keating reflected on what ultimately led to the deregulation of the Australian economy.
"We did it as an express, declaratory policy from the start," he said.
It proved to be a more challenging experience for some businesses exposed to currency moves, especially to the upside.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Retailer James Costello says his business, Costellos Opals, had to adjust to the changing environment.
"Demand is there for the upper end, but for the commercial quality it has certainly dropped significantly, 20-30 per cent," he said.
And he has this advice for others in the same situation:
"Control your costs, look for new markets, service your existing clients better."
Manufacturers have been feeling the effects of a strong dollar, highlighted by Holden's decision to exit Australian production.
JP Morgan Chief Economist Stephen Walters told SBS the past five years have been tough for business.
"It's really only been over the last four or five years when the exchange rate has been going up, that's added to the pain of manufacturing," he said.
"Clearly the evidence shows there's something much more profound going on."
The recent mining boom has been credited with the dollar's strength, but experts say without a floating exchange, the economy would have other problems.
"We would have gone through this boom probably with a big inflation break out, the reserve bank would have been hiking interest rates not lowering rates, the economy could have very well be in recession," Mr Walters added.
Click the video above to watch the full story.
