Greece problems + Australian super tax + Down Jones rocks the boat
Australia released the Henry tax review reform last week which pretty much the whole business community was waiting for with bated breath last week. The implementation of the super tax on miners from the Henry tax review brought down the mining shares with a vengeance in the Australian markets , and the falling Dow Jones didn't help either. To put more momentum to this bad news the Greece stock market epidemic which was the flow on from the US GFC some years ago and spooked by the US markets crisis is still spooking other countries like UK , Portugal , Spain and other euro zone countries which are in very bad debt shape and continuing to grow worse.
US markets and Nikkie Japan Stock markets
It is ironic that the us markets that started this all has actually been performing an rising pretty well in the last couple of months. One market that has also been gradually rising and performing well after the GFC is the Nikkei ( Japan stock market) and we can certainly take some relief from that , it being one of the major economic players in the global markets.
This is how the Australian stock market looked this week
The Super Mining tax ( which is considered a a double mining tax by the big miners in Australia) was the report that started the freefall in the Aus biz markets this week. Check out the Henry Review tax reform 2010 documents and details here on this blog for details on this mining super tax.