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Gidday iron_mike - you said;
[it's the Mining Tax - what else did anyone expect.
Same thing happened when this absolute robbery first mooted last year by Rudd/Gillard]
Cast you mind back now - the version 1.0 minerals tax was birthed by Rudd/Swann/Henry on 3 May 2010 and for sure the All Ords fell on that news.
Anyway, here is a chart showing the ASX performing worse than the DOW since April 10. You could interpret the chart as showing a honeymoon period for the new GreenLabor Govt. Then in 2011 when publicity around the carbon tax intensified - plus the effect post Fukushima - the ASX lost ground which continues to this day as the Govt remains unpopular.