With opinion polls indicating a win for the opposition Liberal-National coalition party at the closely-watched Australian elections next month, financial markets are, for the most part, pricing in the likelihood of a change in government.
But, should the incumbent ruling party stage a surprise victory, analysts say the already battered Australian dollar would be the biggest casualty.
(Read more: Here's how you can trade Australia elections)
According to Scott Cavanough, senior vice president of financial markets at Compass Global markets, the current ruling Labor party - led by Prime Minister Kevin Rudd - is incapable of tackling the country's deficit and for it to stay in power would send the Aussie dollar into another free-fall.
"If there is a change in government, the new government would balance the books and get everything back in the black which would be very positive for the Aussie," Cavanough said.
"(But) if the current government is re-elected, at this stage that will put significant downward pressure on the Aussie... it could go as low as $0.80," said Cavanough. His target represents a 13 percent downside for the currency, which traded at $0.92 at midday in Asia on Monday.
(Read more: Why a Rudd Revival Spells Bad News for Aussie Stocks)
The Aussie dollar has fallen 11.5 percent against the U.S. dollar this year, as the economy continues to face a plethora of headwinds, including the impact of a slowdown in its largest trading partner, China, the possible end of the country's resources boom, along with a substantial budget deficit, which the government forecast will rise to over A$30 billion $27.5 billion) for the fiscal year ending in June 2014.