Financial year ends with record low market 2:50pm 1.07.08

The end of the financial year saw the sharemarket close after falling a further 0.4 percent, bringing the total loss throughout the year to almost 17 percent—the market’s worst performance in 26 years.

Unsurprisingly, the US subprime mortgage crisis and the global credit crunch are being blamed for the sharp market fall, in contrast to previous years of growth. 
The property sector has been one of the hardest hit, falling almost 38 percent over the year. 

Despite the considerably weaker market, the Aussie dollar, on the other hand, closed at US96.44 cents—it best levels in 25 years.