The Australian stock market was at a record high on Monday, but now the market is at record lows.
The benchmark index closed at 8,098.07.
The Australian dollar is trading at US$1.2088 a share, down 0.5 per cent against the US dollar since it touched US$2.0350 on June 24.
The S&P 500 is up 0.1 per cent at 2,983.84.
The Dow Jones Industrial Average is up 4.3 per cent and the Nasdaq Composite is up 11.3.
The overall Australian economy has shrunk by more than 1 per cent over the past year, but the manufacturing sector is now rebounding strongly, thanks to a strong global economy.
The Reserve Bank’s monetary policy committee met for the first time on Monday.
It was the first meeting since the Federal Government announced its plan to hold rates at zero until 2018, and was held to discuss the impact of the carbon tax.
The RBA also said it was monitoring developments in the US and the European Union, which have been criticised for not keeping inflation in check.
The Greens’ Pauline Hanson has urged the Federal Parliament to consider whether to scrap the carbon price.
A survey conducted by the ABS on Sunday found that Australians are less likely to have confidence in the Federal Budget than in the economy.
It found that 49 per cent of respondents were more likely to be pessimistic about the economy than optimistic, compared to 33 per cent who were more optimistic.
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