The Australian dollar could hit an all-time low of 47 US cents by the middle of next year.
That's the word from French bank BNP Paribas, in its latest global outlook report.
It says the Aussie will plunge from its present level of 65 US cents by the June quarter of 2009, as the economies of our main trading partners slow and export demand softens.
BNP Paribas also expects an Australian economic growth rate of close to zero in 2009, but says Australia's likely to be spared from recession.