The Australian has market ignored Wall Street and slumped for the second day in a row with all sectors weakening.
The RBA’s decision to keep official interest rates on hold pushed stocks lower.
The banks and miners are leading the market down. Westpac is weaker by 1.93% to $32.48 and the Commonwealth 1.47% to $83.24.
BHP lost 2.81% to $28.37 and Rio Tinto 1.99% to $56.28.
Retailers are also losing ground with Harvey Norman down 2.17% to $4.51, JB Hi-Fi 2.14% to $21.02 and the Reject Shop 1.31% to $6.80.
On Wall St, the S&P 500 closed overnight 0.2% higher.
Locally, the S&P/ASX 200 was below 5700.