“How else can we explain why our stock market is at current levels” -- There are still plenty who are looking on saying Chinese growth of 8% pa wouldn’t power Oz like 12%; And everyone else’s “other” market has crashed so why won’t theirs?

“Another term of the ALP will not be good for business” -- Maybe that’s why we have an ALP -- So if business is looking successful Labor can make sure no-one else gets envious?!

But this is just the start -- there is still an emissions trading scheme lurking about -- another tax in addition to the profits tax.

Another term of the ALP will not be good for business.

If the cost of mining creeps up in Oz then the global miners will shift production elsewhere. (and they said they will)

JG is displaying the kind of short term thinking that wiped out our manufacturing sector. It’s scary.

‘Moving forward’, nothing to worry about.

“Global equity markets fell sharply in April, primarily due to concerns of a sovereign debt crisis in Europe. The mining sector was further hurt by the Australian government’s announcement of a “Resource Super Profits Tax” (RSPT) to be levied on mining companies with assets in Australia. The market reaction to the government’s announcement was severe and even those mining companies with no exposure to Australia were sold heavily.”

The reason I say this is because the mining tax was basically universally slammed by every overseas investment analyst/fund manager I saw on Bloomberg/CNBC etc. during the weeks following the announcement of the tax. These people control the flow of funds into the market and if they feel Australia is not a stable investment environment, then this will reduce the amount of overseas money heading into our stocks.

The fact is that the mining tax undermined Australia’s international reputation as a stable investment environment.

How else can we explain why our stock market is at current levels despite strong commodities exports, relatively low unemployment and an economy that appears to have avoided most of the damage from the GFC? (so far)

As for the election, well I guess these things always cause uncertainty in investors minds and I would guess the current one would would be acting as a drag on the market at the moment. A lot of investors would be sitting on their hands waiting to see who will be running the country at the end of August.