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Another Unfinancial Year

The Australian stock market closed the 20002/2003 financial year on 30 June 2003 at 5.2% lower than at 30 June 2002(All Ords Price Index before allowing for dividends). The previous year also saw a negative price index result of -7.7%. For most overseas stock markets it was three 30 June years negative in a row. The last time this occurred in Australia was 1990. A current similarity with 1990 is the presence of a housing price boom. The Reserve Bank remains concerned about the current boom as evidnced by their decision not to reduce interest rates yesterday.

Posted Thursday, 3 July 2003

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