Please click here to view Shane Oliver's views on the oulook for Australian shares.

Key points raised are :

• Over the long-term Australian shares have been a relatively strong performer, but it does go through relatively long periods of out and underperformance versus global shares.

• We see more upside in Australian shares supported by the return of profit growth. And its underperformance over the last 16 years is getting long in the tooth. 

• But rich valuations, a more hawkish RBA and global risks suggest it will be a bumpy ride.