David McNew/Getty ImagesThe local market fell hard with the ASX200 index dropping below the 5400 mark.
A short time ago, the index was at 5,364.20, down 78.63 points or 1.44%.
The big banks were sliding with Westpac dropping 1.1% to $30.55 and the Commonwealth 1.3% to $74.24.
BHP was down 1.1% to $22.92 and Woodside Petroleum had lost almost 2% to $28.33.
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