The simple summary is BHP and banks were the clear winners and large industrials were disappointing.
This reflects the "two speed" nature of the Australian economy (not surprisingly resources bounced 3.7% during the month compared to 1.7% for industrials).
More importantly, earnings are still forecast to grow in high double digits (again led by resources) and, with PE levels at around 12 times, the market is not stretched at these levels (long term PEs in the Australian market tend to be over 14x).