Updated September 16, 2018 07:05:17The Australian stock market has been a source of amusement for a generation and has been described by one commentator as the best performing Australian asset class in more than three decades.
However, a report from the Reserve Bank of Australia says that the latest economic data, released on Wednesday, is showing the market is no longer performing as well as it was when the economy was booming in the early 1990s.
In the last two years, it is now a mere 6.2 per cent below the peak in the year to December 2017, the latest available data show.
The data is part of a broader review of the economy, the Reserve said.
“This latest data shows that the Australian economy is no closer to the pre-crisis highs, as predicted in the 2016 Financial Review,” it said.