New Zealand skiing holidays and Kiwi wines are set to get more expensive with economists predicting the Australian dollar will fall to parity with the New Zealand dollar . ANZ economist Daniel Been said the Aussie and Kiwi dollar will likely reach parity for the first time since both currencies were floated, after the AUD hit a record low 103.01 Kiwi cents last Thursday. 'At the moment momentum suggests that parity is more likely than not,' Mr Been said . New Zealand skiing holidays (such as in Queenstown, pictured) are set to get more expensive with economists predicting the Australian dollar will fall to parity with the New Zealand dollar within 12 months . Settled snow is seen covering houses on New Zealand's lower South Island  in Queenstown . 'It's very difficult to see what structures will change that will prompt a change - a catalyst for a sharp reversal is not all that obvious.' Mr Been co-authored a report about the AUD/NZD with fellow ANZ economist Sam Tuck. Mr Tuck said the two currencies would probably hit parity in the next year, with the options market suggesting there is a 57 per cent it will happen. He said this would make New Zealand products more expensive for Australian consumers. 'Australians who like to come over to Queenstown of Christchurch for a skiing holiday in winter, it will make that more expensive and make the Snowy Mountains more attractive,' Mr Tuck said. New Zealand wines would also become more pricey if the AUD and NZD hit parity . A tractor mulches dead wood  at one of winemaker Villa Maria Estate Ltd.'s vineyards in Marlborough, NZ . 'Those who enjoy Kiwi wines will have to pay a bit more for it.' Mr Been said parity would not have a big impact on the Australian economy, and parity would be 'unlikely to sustain itself for a long period of time'. 'For the Australian economy I don't think the consequences are as large as they are for the New Zealand economy,' he said. 'New Zealand makes up about 4 per cent of our exports basket, but we make up about 20 per cent of the export market for NZ.' In their report, Mr Been and Mr Tuck said decline in the AUD will add competitiveness pressures on the New Zealand economy. 'A sustained push through parity would make holidaying in destinations like Queensland or Tasmania far more attractive on a relative basis,' they wrote. The Australian dollar hit a record low of 103.01 Kiwi cents last Thursday . The report said the move toward parity was due largely to the fact that the New Zealand economy had confidence whereas the Australian economy did not . The report said the move toward parity was due largely to the fact that the New Zealand economy had confidence whereas the Australian economy did not. New Zealand is enjoying growth beyond the housing sector, but in Australia 'the malaise is going to be hard to shake in the near term', the report said. 'In May last year, as the new government's first budget was delivered it provided a watershed moment,' Mr Been and Mr Tuck wrote. 'It hammered home the consequences of the declines in the terms of trade and that Australia's incomes in aggregate were unlikely to rise. 'This means that the momentum in Australia is going to be hard to shift and the RBA will likely have an easing bias for much of 2015.'
Experts say the Aussie and Kiwi dollar will likely reach parity for first time .
The Australian dollar hit a record low of 103.01 Kiwi cents last Thursday .
This will make NZ products more expensive for Australian consumers .
It will also hurt New Zealand exports, with Australia making up about 20 per cent of the export market for the country .
New Zealand skiing holidays and Kiwi wines are set to get more expensive with economists predicting the Australian dollar will fall to parity with the New Zealand dollar . ANZ economist Daniel Been said the Aussie and Kiwi dollar will likely reach parity for the first time since both currencies were floated, after the AUD hit a record low 103.01 Kiwi cents last Thursday. 'At the moment momentum suggests that parity is more likely than not,' Mr Been said . New Zealand skiing holidays (such as in Queenstown, pictured) are set to get more expensive with economists predicting the Australian dollar will fall to parity with the New Zealand dollar within 12 months . Settled snow is seen covering houses on New Zealand's lower South Island  in Queenstown . 'It's very difficult to see what structures will change that will prompt a change - a catalyst for a sharp reversal is not all that obvious.' Mr Been co-authored a report about the AUD/NZD with fellow ANZ economist Sam Tuck. Mr Tuck said the two currencies would probably hit parity in the next year, with the options market suggesting there is a 57 per cent it will happen. He said this would make New Zealand products more expensive for Australian consumers. 'Australians who like to come over to Queenstown of Christchurch for a skiing holiday in winter, it will make that more expensive and make the Snowy Mountains more attractive,' Mr Tuck said. New Zealand wines would also become more pricey if the AUD and NZD hit parity . A tractor mulches dead wood  at one of winemaker Villa Maria Estate Ltd.'s vineyards in Marlborough, NZ . 'Those who enjoy Kiwi wines will have to pay a bit more for it.' Mr Been said parity would not have a big impact on the Australian economy, and parity would be 'unlikely to sustain itself for a long period of time'. 'For the Australian economy I don't think the consequences are as large as they are for the New Zealand economy,' he said. 'New Zealand makes up about 4 per cent of our exports basket, but we make up about 20 per cent of the export market for NZ.' In their report, Mr Been and Mr Tuck said decline in the AUD will add competitiveness pressures on the New Zealand economy. 'A sustained push through parity would make holidaying in destinations like Queensland or Tasmania far more attractive on a relative basis,' they wrote. The Australian dollar hit a record low of 103.01 Kiwi cents last Thursday . The report said the move toward parity was due largely to the fact that the New Zealand economy had confidence whereas the Australian economy did not . The report said the move toward parity was due largely to the fact that the New Zealand economy had confidence whereas the Australian economy did not. New Zealand is enjoying growth beyond the housing sector, but in Australia 'the malaise is going to be hard to shake in the near term', the report said. 'In May last year, as the new government's first budget was delivered it provided a watershed moment,' Mr Been and Mr Tuck wrote. 'It hammered home the consequences of the declines in the terms of trade and that Australia's incomes in aggregate were unlikely to rise. 'This means that the momentum in Australia is going to be hard to shift and the RBA will likely have an easing bias for much of 2015.'
Been said the Aussie and Kiwi dollar will likely reach parity for the first time since both this would make New Zealand products more expensive for Australian consumers. 'Australians basket, but we make up about 20 per cent of the export market for NZ.' In their report, Mr Been basis,' they wrote. The Australian dollar hit a record low of 103.01 Kiwi cents last Thursday .