The Australian dollar has continued to dip below the 70 U.S. cents mark to levels not seen since the 2008 global financial crisis.

"Across all markets, a key concern for investors and traders is the growth outlook and, of course Australia, being a commodity-based economy, is very exposed to growth concerns, those concerns brought about by the trade dispute are one of the key factors that has pushed the Australian dollar even lower recently," said CMC Markets chief strategist Michael McCarthy. 

That's made the cost of doing business more expensive for Australian importers who are forced to pay more for goods sourced from overseas.

"We can't go back to the client and say, oh look, the exchange rate has fluctuated and can you pay a little bit more money? You can't do that and just have to accept that is just part of this business that you are going to lose profitability in these projects," said Thinkdzine director Dean Welsh.

University of New South Wales professor Tim Harcourt believes Australia’s fluctuating dollar plays an important role in the health of the country's economy.

"It is the shock absorber. We didn't have a recession during the Global Financial Crisis, we didn't have a recession during the Asian Financial Crisis, we haven't had a recession for 30 years because the dollar takes all of the absorption away so I actually think, although it can be frustrating for individual businesses or consumers going overseas for holidays, in actual fact, the whole economy benefits because the dollar takes the brunt of the adjustment," he said.