Aust stocks close flat

Local bourse moves sideways following govt scrapping of proposed super, tax changes.

The Australian stock market has recovered from earlier losses to close flat after the federal government announced it would scrap proposed superannuation and fringe benefits tax reforms put forward by the previous Labor government.

At the official market close of 1615 AEDT, the benchmark S&P/ASX200 index edged up 0.03% to 5,433.8 points, while the broader All Ordinaries index was 0.01% higher at 5,426 points.

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