Waving goodbye to the annus horribilus

Many Australians will be all too keen to wave goodbye to the 2008-09 financial year, which ends next week.

The Australian reports that it will likely go down in history as annus horribilus for personal finances, with shares plummeting and term deposit interest rates falling by 50 per cent in the first half of the year.

And while house prices fell modestly, sparking unprecedented home loans activity among first-home buyers, older savers have endured a torrid time watching their super value slide, the paper commented.

However, resident money expert Don Stammer went on to state: "As the financial year draws to a close, the outlook for the next 12 months appears to be for improved share prices and further strengthening in commodity prices."

With less than a week to go until the end of the financial year, the Daily Telegraph reported earlier this week that there are still ways to keep hard-earned cash out of reach of the tax man, such as deferring income from a mature term deposit.

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