Australian shares were behind their global peers on a one, three, five and seven-year basis. In contrast, New Zealand shares were almost 20% above their 2007 levels and the US market was more than 60% higher. There were a range of reasons the Australian market had been so difficult, Mr McIntyre said. ''When these two are going well, like they have in years gone by, Australian shares fire on all cylinders.'' Economic problems facing Australia included large budget deficits, political dysfunction and a strong union presence ensuring the labour market remained inflexible.

Source: Otago Daily Times January 01, 2018 13:52 UTC