Voted the most popular destination by Traveller readers this year, flights to the popular northern Asian destination have decreased in price by 10 per cent, and the Aussie dollar has strengthened 13 per cent against the yen, according to the Expedia Currency Monitor report.

See also: Traveller names the destination of the decade

In south-east Asia, Malaysia is the best value destination, with the Aussie dollar appreciating 11 per cent against the Malaysian ringgit, and flights and hotels decreasing in price by 10 per cent.

However, over on the Indonesian island of Bali, Australia's favourite quickie holiday destination, prices are on the rise, but it hasn't stopped us travelling there in droves. Demand for Bali has risen more than 550 per cent since 2011 and almost 20 per cent since 2015.

While it will only cost us $600 to get there, this is an increase in flight price by almost 20 per cent. The price of hotels has also increased by 5 per cent, making Indonesia not the bargain it used to be.

Rice terraces in Bali, a destination that remains increasingly popular with Australians. Photo: Adobe Stock

The more exotic and far-flung destination of Sri Lanka is still a bargain and a viable alternative, where there are also great beaches, delicious cuisine and a wide range of accommodation options. Here the Aussie dollar has risen 9 per cent in value, and you'll find return flights have dropped 5 per cent, costing the average Australian traveller $1030 return.

Managing director of Expedia Australia, Michael Pearson, said: "We know Aussies love Bali but Aussies should consider broadening their horizons and look at other destinations in Asia.

"For a fly and flop holiday, booking a package is the way to go - Aussies can save hundreds of dollars by booking their flight and hotel together."

Britain maintains its appeal with sites such as the Sunken Garden at Hampton Court Palace, near London. Photo: Shutterstock

Over in Europe, Britain is an appealing prospect to Australians after the dollar gained 5 per cent against the pound. However, adventurous Aussies will be happy to hear it's Iceland that tops the best value list for Europe. But this doesn't mean it's getting cheaper - accommodation is 15 per cent more expensive than last year, but it's 15 per cent cheaper to fly there. And it might be wise to bear in mind the Aussie dollar has dropped in value 15 per cent against their krona.

Iceland tops the best value list for Europe, with capital Reykjavik a key stop for tourists. Photo: Shutterstock

The European country that represents the least amount of value for Australian travellers is Greece, with flights and accommodation rising 10 per cent.

Pearson advises travellers to Europe to consider which airports they fly into carefully. "Often you can nab a better deal by flying into alternative hubs," he said.

"For example, Rome versus London.

"And if you see a good deal - book it! Early bird fares will be out soon and with more low-cost carriers flying to Europe, the increased competition is likely to be good news for travellers."

The island of Zante in Greece - the country has seen the price of flights and accommodation increase 10 per cent. Photo: Shutterstock

In North America, the US is marginally better value to travel than Canada, with prices rising in the latter 10 per cent and only 5 in the former. In South America, Argentina is your best bet, with the dollar rising 15 per cent against the peso, followed by Colombia and Brazil, where hotel prices have dropped a whopping 25 per cent.

The Expedia Currency Monitor measures the performance of the Australian dollar against major global currencies from the previous year, the average cost of international flights and accommodation in key destinations for Aussie travellers.

" src="http://www.smh.com.au/content/dam/images/g/y/p/7/w/i/image.imgtype.articleLeadwide.620x349.png/1506409628618.png" title="" width="100%">

Expedia Australia's Pearson said: "The biggest news from analysing our data is that the Australian dollar is performing well and flight prices have dropped for the majority of Aussie travellers' favourite destinations - Aussies have the world in their hands.

"Overall, Aussies are benefiting from a confluence of circumstances, including low-cost carriers flying more routes, competitive pricing amongst carriers and a strong Australian dollar, all providing a better deal for Aussies."

See also: The 10 hottest emerging countries you need to see now

See also: Nine great cities bursting on the the travel scene

To subscribe to the Traveller.com.au podcast Flight of Fancy on iTunes, click here.