It might feel like the Australian dollar is kissing Aussies right on the lips - the Australian dollar has rallied from about US72?? at the beginning of the year to recently pop above US80?? for the first time in two years.
The headlines might as well read "Time for an overseas holiday" or "Go ahead, get that nice coat from the US you've been wanting".
So why is the Reserve Bank being such a downer? Why bemoan the currency's hot streak? Because when the Aussie dollar is strong the economic losers significantly outnumber the winners.
Put bluntly - the Australian dollar is not a national scorecard, according to CMC Markets chief analyst Michael McCarthy, who says a lower dollar is an "unambiguous good" for the economy.
"We tend to cheer when it goes up, but that's a mistake.
"In current circumstances, where growth is sluggish and inflation is low, a significant tumble in the Aussie is something we should all be cheering for."
Earlier this month Morgan Stanley analysts said they remain "tactically bullish" on the Aussie dollar, with its "high carry status and continued USD weakness likely to propel AUD/USD to US84?? over the coming weeks".
While that target and timeframe is looking less and less on-the-money as the Aussie cools off, the Australian economy, and all those who live and work in it, should be hoping it doesn't happen.
Who are the winners and losers?
The Reserve Bank - Loser
For the RBA, it's all about inflation - the rate at which the price of goods and services increases. A strong Australian dollar increases the relative price of Australia's exports and cheapens the cost of imports, which has a direct impact on how much things costs here.
The sweet-spot for inflation is between 2 and 3 per cent, according to the Reserve Bank, but they've been undershooting that target for some time. It's a key measure of economic health and one of the most important factors the central bank considers when looking at the official cash rate.
"If I'm buying something from China and the Aussie dollar goes up 5 per cent it basically costs me 5 per cent less to import it," NAB's global head of FX strategy, Ray Attrill, said. "So that puts downward pressure on inflation."
For the Australian economy to be healthy, the inflation rate needs to be running within its targeted 2-3 per cent and a strong Aussie dollar makes that much more difficult.
Homeowners - Mixed
Rate hikes tend to push the currency upward, so considering the Aussie dollar is uncomfortably high for the RBA, a rate hike at the moment would be counter-productive. The next move is expected to be upwards, but not for a at least while.That should keep those with a mortgage happy.
Meanwhile, the attractiveness of Australian real estate for offshore buyers has an impact on the strength the overall market, but a high Australian dollar acts as a deterrent for interested buyers holding other currencies.
"The higher the Australian dollar the more expensive Australian houses are to foreign buyers," Mr Attrill told Domain.
"Our view is that, to some extent, the strength of Chinese demand, in particular, for Australian property is because the Australian dollar has come down by over 30 per cent from its high in 2012.
"House prices might have risen 30 per cent in two years ??? but the price for a Chinese investor has come down by more than prices have risen, because of the exchange rate."
So, a higher Australian dollar indicates lower-for-longer interest rates, which is a positive for homeowners, but a dwindling of interest from motivated offshore buyers, which could help ease price gains.
Education sector - Loser
Education is Australia's third-most valuable export, according to the Department of Foreign Affairs and Trade (DFAT), behind iron ore and coal.
"If I'm a Chinese household that wants to send my son or daughter overseas for an English-speaking education and I'm going to likely choose between Canada, Australia, the United Kingdom and the United States," Ray Attrill said.
"One of the variables that determines the relative attractions of an Australian education over, say, an American one will be the Australian dollar exchange rate against the US dollar."
Late last year education exports represented $21 billion to the Australian economy, so fluctuations in the number of foreign students can have a hefty impact.
Tourism - Loser
The high Aussie acts as a double whammy for tourism. A strong currency makes a country less attractive for foreign visitors because their money won't go as far as they'd like, while Australians are incentivised to take their holiday overseas, rather than stay in Australia.
That stings considering that total tourist spend in Australia sat at about $130 billion for the 2015-16 financial year.
Mining - Loser
The mining boom is more-or-less the only reason Australia snuck out of the Global Financial Crisis without facing a recession. The economy is still transitioning away from its reliance on mining, with the price of iron ore currently sitting below $US75 per tonne, compared with the more-than $190 it was trading at in 2012.
That said, resources still rank as Australia's biggest export, and BHP Billion, the world's biggest miner, calls the ASX 200 home.
Importers (aside from tourism) - Winner
Cars, petrol, electronics, and other major foreign goods become cheaper when the Aussie dollar is strong but, while businesses can often see a temporary slide in import costs, it can take a long time before discounts find their way down to customers.
Australian international travellers - Winner
A holiday to places like the US is cheaper than it was at the start of the year, in terms of how far your money goes, but while a strong AUD/USD exchange rate is the most-watched and reported on ??? the "strong" Aussie dollar isn't a blanket win for travellers.
For example, the Aussie is weaker now against the euro than it was in May, broadly flat against the Canadian dollar, Indian Rupee and Japanese Yen - no major wins there. The British Pound was crunched on the back of Brexit, but all currencies stepped up against Sterling, so it wasn't just a win for the Aussie dollar.
And worth remembering is that the exchange rate seen on the news and the one travellers get at the airport are vastly different. The companies that handle customer currency transactions take a hefty cut.
While an overseas trip or nice purchase form an offshore website might sit well with Australians, the pain of a high Australian dollar will be felt throughout the economy if it doesn't cool off.
