Mood brightens
There's been a lot of excited discussion about imminent Armageddon in Australia, but markets have sent a different signal, with the ASX 200 now a surprise top performer over the past year.
Australia's banks and financials have had a tougher time of it over the past couple of years, with the threatened Royal Commission coming to pass and sending valuations much lower for a time.
But here too the Aussie financials index has popped 17 per cent higher since the pre-Xmas lows, with a notable bounce upon the release of Hayne's report.
Markets took a careful look at doomsday, but have since cooled on the idea.
The election result has also now removed a lot of uncertainty surrounding capital gains taxes and other shifts, reflected in a spate of upbeat news articles on housing today.
