Australia's dollar has plummeted to a 10-year low against the US dollar, dipping below the 70 US cent mark. That drop is causing added financial pain for consumers and business that import goods. But there may be a silver lining to the Aussie dollar's dive when it comes to the nation's economy. Greg Navarro explains.

If you are looking for a way to unlock your kitchen's potential, Dean Welsh believes he can help. 

Thinkdzines has been selling imported kitchen design solutions to consumers for the last 6 years. But the cost of importing these products has increased lately as the Australian dollar has dipped to a low not seen for a decade.

DEAN WELSH DIRECTOR, THINKDZINE "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."

The Australian dollar has been weakening since mid-July and now sits below the 70 US cent mark, a level not seen since the Global Financial Crisis.

MICHAEL McCARTHY CHIEF MARKET STRATEGIST, CMC MARKETS "A key factor here has been a strengthening of the US dollar but also pressure on commodity prices and concerns about the global growth outlook."

GREG NAVARRO SYDNEY "That's putting added financial pressure on Australian consumers in a number of ways including here at the pump, where petrol prices have hit a 4 year high."

Some economists believe that concerns about how a trade war will weigh on China's economy is adding to the dollar's downward push. China is Australia's biggest trading partner.

The Reserve Bank of Australia recently dropped the nation's interest rate to a historic low of just 1% in an effort to stimulate a sluggish economy marked by stagnant wage growth.

MICHAEL McCARTHY CHIEF MARKET STRATEGIST, CMC MARKETS "While the RBA shares the growth concerns of the markets, the lower Australian dollar is good news for the Australian economy. It's a way of importing growth, particularly if trade relationships are being restrung around the globe, a lower currency is a real advantage to an economy, so I'd say the RBA is probably cheering the lower levels of the Australian dollar."

Tourism is benefiting, so are some exporters, including the country's mining sector as a whole, which accounts for more than half of all Australian exports. And economists believe a fluctuating dollar plays a vital role in the health of the nation's economy.

PROFESSOR TIM HARCOURT ECONOMIST, UNIVERSITY OF NEW SOUTH WALES "It is the shock absorber. I mean, 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."

And as global markets continue to react to an escalated trade war, economists expect the Australian dollar to remain below the 70 US cent mark into 2020. Greg Navarro, CGTN, Sydney.