Markets

Australian Stock Market Report – Afternoon 12/20/2012

AFTERNOON REPORT

(5pm AEDT)

Despite a flat start on the back of falls on Wall Street, local stocks rose to fresh 17 month highs today as the Federal Government scrapped its commitment for a budget surplus in FY 2013.

By close, the All Ordinaries Index (XAO) was at 4646.6pts, up 13.4pts or 0.3pct.

This afternoon Treasurer Wayne Swan admitted that the Federal Government was unlikely to deliver its promised surplus this financial year. The government's promise was dealt a hefty blow after it was revealed tax receipts in October were $3.9 billion weaker than originally forecast.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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