Its all a direct reflection of rapidly falling mineral and energy commodity prices such as iron ore, coal, bauxite, nickel, gold, etc. Australian exports are now worth less in US $ (or Euros ) while their imports have become more expensive. Since resource stock prices have reached unprecedented levels, a substantial correction was unavoidable. There was no way that major mineral consuming countries, such as China, Japan, Korea and, of course, the EU member states could continue paying hugely inflated commodity prices over a long term. Of course, this applies not only to prices of Australian exports but also to Canadian, Brazilian, Russian, etc. That's why we have corresponding rapid decline in the relative values of the Can. $, Russian rubels, and other floating currencies. It will take time for the commodity markets to stabilize as market fundametals for each commodity is different.
K.