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.