Aussie dollar hits seven-month high as shares flatline

The Aussie is at its highest level against its US counterpart since the US election in November. (Joel Carrett, Bianca De Marchi/AAP PHOTOS)

The Australian bourse has had a cautious start to the new financial year, with shares giving up their morning gains in the afternoon to finish basically unchanged.

The benchmark S&P/ASX200 index on Tuesday dipped 1.2 points, or 0.01 per cent, to 8,541.1, while the broader All Ordinaries dropped 1.0 point to 8,772.0.