Australian stocks are tanking

Scott Hend of Australia during the final round on day four of the Thailand Classicin Hua Hin. Ian Walton/Getty Images

The Australian market crumbled in late trade.

A short time ago, the S&P ASX 200 was at 5,109.90, down 75.56 points or 1.46%.

Energy stocks and the big miners were sold down as commodity prices fell.

BHP lost 2.4% to $17.30, Woodside Petroleum 2.9% to $25.99 and Fortescue Metals 1.7% to $2.53.

The major banks followed with the NAB down more than 2% to $27.74.

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