Another year, another set of solid numbers for Australian investors. The benchmark S&P/ASX200 was up 7.5 per cent, while reinvesting all dividends took returns closer to 12.5 per cent. That’s a good year.

But scratch the surface and performance was patchy. Four banks and a handful of stalwart blue chips (Macquarie, Wesfarmers, Goodman Group, Aristocrat) masked Australia’s challenged miners, struggling healthcare providers, beaten-up employers, spluttering economy and the ASX’s soft underbelly. Governments and regulators went harder after business, profits went backwards and share prices retreated for close to half of the ASX200 despite buoyant markets globally.