Head down to the shops and pick yourself up some Prada shoes, or maybe an Armani suit, and on then stock up on Belgian chocolates and champagne.

The Australian dollar has hit its highest ever level against Europe’s single currency, making imports from the continent cheaper than ever.

Early on Friday morning, the Australian dollar hit a record high of 83.18 euro cents, though it has has since drifted back a little.

The currency jumped more than one euro cent after Europe’s central bank disappointed markets by resisting pressure to provide further support for debt laden countries like Italy and Spain by indirectly buying their debt.

St George chief economist Hans Kunnen said the high value of the dollar against the euro lifted the living standards of Australians by making imported goods cheaper.

“Clearly, imports from Europe are going to be cheaper and what we tend to buy from Europe is high end fashion and luxury goods,” he said. “It is really good for consumers.”

Deshel Foods managing director Sebastian Burot, whose company specialises in European fine foods, said the rising value of the dollar meant the company had not lifted its prices in three years.

That’s despite the prices of the goods he sells increasing in Europe as well as increasing electricity and petrol costs and annual wage increases for staff in that time.

“If the Australian dollar was the same price as three years ago our products would be 20 per cent more expensive,” he said.

Mr Kunnen said the lower euro, would see more Australians holiday in Europe and was bad news for the local tourism industry.

However, he said the impact on exporters would probably be minimal.

“Normally when the Australian dollar strengthens it makes things more difficult for exporters but Europe isn’t really a major market for Australian goods.

“Our sales are primarily to Asia, the US and New Zealand.”