I wouldn't panic yet about the falling exchange rate. Sure it makes anything bought in just about any other currency more expensive but with the economic crisis comes weakening demand. This means two things airfares may come done (either that or supply may be cut), and secondly hotel pricing may also come down. Already I've heard anecdotal evidence that hotels in NYC are coming down in price (but probably not the 35% or so the AUD has decreased).
The other options is to just take your overseas holidays in Brazil, Korea, Iceland, Chile, Botswana, Namibia or South Africa - we're tracking about where we were twelve months ago for most of these or even gained a little bit in some instances. Maybe not Brazil as I bet all accomodation there is quoted in USD.
Oh and one side product of the falling ER is that it makes up for falling commodity prices so some of our mines that would probably be hitting the wall right now can still make some money because of the fall in ER.