I am just sitting here in my motel unit watching ABC24. The financial report was just on. The Australian Stock Exchange (ASX) fell 60 points or about 1.5 percent today coming rest at 4,251.7.
The announcer pointed out that this is the level that the exchange was at in March 2006 so, in effect, based on the ASX average, there has been no capital gains in the stock exchange in five years.
Not good for people who invest in shares, and that would everyone with managed superannuation—which would just about be everyone with superannuation. So! Not good for people getting close to retirement. Not good at all.
Oh crap … that’s me!