The Australian stock markets are down again, according to new data released by the Australian Securities and Investments Commission.
According to the latest data, the S&P/ASX 300 index is down 3.1 per cent this year, compared with the 3.9 per cent decline recorded last year.
The S&am/ASEX 500 index is also down 2.6 per cent.
But the biggest fall in the S, S&ap, and ATSX is on the financial services sector, where the S and A were down more than 6 per cent in 2017, and up 2.9 and 5 per cent respectively.
And while the S & A and the ASX are down, the A&= and B&.= are up.
“This year, the financial sector was hit harder than any other sector,” ASIC chairman, Ian Narev, said in a statement.
Mr Narev said the sector had been hit harder by the global economic slowdown, but the government has been doing more to encourage the sector to recover.
There is a good deal of uncertainty about how the economy will respond to this year’s global economic conditions.
We expect the Federal Government to continue to provide financial support to the financial industry, and to help ensure a smooth recovery of the economy,” Mr Narev told reporters in Canberra.
He said there were no immediate plans to impose a levy on the wealthy.
However, Mr Nareve said there would be a “consequential tax” on high net worth individuals.
Topics:business-economics-and-finance,stockmarket,stocks,financial-services,government-and ofcom,sussex-2600More stories from Australia