Australian shares smashed records in 2024 but the benchmark S&P/ASX 200 Index will finish the year with only a 6 per cent advance to show for it because for every Commonwealth Bank millionaire, there were plenty of lithium, casino and fast food land mines to humble the wisest investors.

Banking and technology stocks, which jumped 26 per cent and 47 per cent respectively, defined this year’s winners. If the post-Federal Reserve reckoning and resetting of 2025 interest rate expectations have further to run, those wins could be clipped as the bourse limps to December 31.