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Last year's tough budget has been followed up with a budget aimed squarely at growing the economy.

According to Federal Treasurer Joe Hockey, this is a "responsible, measured and fair" budget with generous tax cuts for small business and a range of youth unemployment and infrastructure spending initiatives designed to stimulate growth.

Importantly, the government kept to its promise of no new taxes on superannuation. However, the budget contains significant changes to the age pension assets test and childcare subsidies.

The Australian share market closed the month flat, with the All Ordinaries Index declining 0.6% in March to close at 5,861.9 points. Global shares were mixed, with the US Dow Jones Index falling 2.0%, the London FTSE falling 2.5%, the Hong Kong Hang Seng Index gaining 0.3% and the Japan Nikkei 225 Index gaining 2.2%.

It was another stellar month for the Australian share market, with the All Ordinaries Index increasing by 6.2% in February to close at 5,898.5 points.  The Australian share market has now increased by more than 9% for the 2015 calendar year, outperforming even the most optimistic forecasters’ expectations.

It was a positive start to 2015 for the Australian share market, with the All Ordinaries Index increasing by 3.0% in January to close at 5,551.6 points.  The positive result came despite fresh Eurozone debt concerns following the Greece election result.

It was another volatile month for the Australian share market, with the All Ordinaries Index increasing by 1.7% in December to close 2014 at 5,388.6 points. For the 2014 calendar year, Australian shares gained a modest 0.7% (although when allowing for dividends the total return was more like 5%).

The Australian share market gave back its gains from October, falling 3.8% in November to close the month at 5,298 points. Australian equities underperformed global equities, largely on the back of falling commodity prices, although further political uncertainty didn't help matters.

Global shares across the board were generally stronger in the month, with the US Dow Jones Index gaining 2.5%, the London FTSE gaining 2.7%, the Hong Kong Hang Seng Index flat and the Japan Nikkei 225 Index gaining 6.5% for November.

The share market finished the month of October strongly with the All Ordinaries index gaining over 4% to close the month at 5,505 points. As I noted in last month's newsletter, the September market decline did not look like the commencement of a systematic decline – and it is welcome news for investors to see the share market recover strongly.

The September sharemarket curse continued in 2014, with the All Ordinaries index falling 5.8% to close the month at 5,296.8 points. Aussie shares have now declined by 1.0% for the calendar year, however there are compelling reasons to suggest that the September market performance was an 'aberration' and not the start of a systematic decline.

Global sharemarkets were mixed for the month of September, with the US Dow Jones Index falling 0.3%, the London FTSE falling 2.9%, the Hong Kong Hang Seng Index falling 7.3% and the Japan Nikkei 225 Index gaining 4.9% for the month.

The Australian share market closed the month of August flat at 5,625 points.  This was despite a wave of negative geo-political events in Gaza, the Ukraine, Iraq/Syria and the complex Argentinian bond default (that all continue to play-out).

International share markets were mixed for the month of August, with the US Dow Jones Index gaining 3.2%, the London the FTSE gaining 1.3%, the Hong Kong Hang Seng Index falling 0.1% and the Japan Nikkei 225 Index falling 1.3% for the month.

The Australian share market started the new financial year strongly, gaining 4.5% to close July at 5,623 points. The good news may be short-lived however, with the US share market experiencing it's biggest daily fall since February overnight.

US stocks were sharply lower in Thursday trading as investors weighed disappointing earnings and Argentina's default, while considering the possibility of an earlier-than-expected rise in US interest rates.