The Australian news is full of how the Australian stock market is up to levels not seen since 2008 as the All Ordinaries index peaks above 5,200.
This is all very well. But what they don’t tell you is that it is still 30 percent away from the 6,800 high it got to before the GFC hit.
The curious thing is that most other countries hit by the GFC have seen their stock indexes get back to their pre-GFC peaks. The American Dow index is well above its pre-GFC peak.
So how is it that that Australia’s index still has another 1,600 points to go before it gets back to the pre-GFC peak? Especially when, as the government loved to keep reminding us, Australia weathered the GFC better then almost any other country!!