Comments on Robert Gottliebsen "Skinny returns sing a shameful tune", 22/10/2013, http://www.businessspectator.com.au/article/2013/10/22/markets/skinny-returns-sing-shameful-tune
Robert, there may be some more fundamental macro factors in play than what you analysed.
The Australian stock market and its investment market too is small and is at the mercy of international capital movement, while the US enjoys the benefit of being safe heaven status.
Further, QEs and its resultant low interest rates in the US has been conducive to its capital returns including both the real economy and the stock markets there.
Back in Australia here, while the interest is at historic lows, it has been and still is significantly higher than that in the US.