AUSTRALIAN STOCKS FALL, THE DOLLAR SOARS: Here's what you need to know

Alicia Lloyd (Australia) bats while Amanda Elzer (Sri Lanka) bowls at SEA LIFE Sydney Aquarium. Brendon Thorne/Getty Images

Australian stocks got smacked down, and the dollar rallied, after the Reserve Bank decided to keep official interest rates on hold.

Here’s the scoreboard:

  • S&P ASX 200: 5,933.90 -24.98 (-0.42%)
  • All Ordinaries: 5,902.80 -23.53 (-0.40%)
  • AUD/USD: 0.7822 +0.0057 (+0.73%)

The ASX fell hard, more than 1%, when the RBA disappointed investors.

The big four major banks all ended weaker, led by the Commonwealth down 0.68% to $91.92. AMP was weaker by 3.3% to $6.43. Among the miners, BHP was down 1.7% to $33.54 and Rio Tinto down 1.22% to $64.80.

The top stories on Tuesday:

1. No change in rates. The Reserve Bank of Australia has left the official interest rate on hold at 2.25%. The Australian dollar jumped higher.

2. Apartments are in big demand. ABS numbers further confirmed that Australia’s housing market is going bonkers.

3. Shares in jetpack maker Martin Aircraft went ballistic. The New Zealand-based company listed its shares at 40 cents one week ago, raising about $27 million. The shares hit $3 this week before slipping back to $1.65.

4. Consolidation online. Pure play online retailer Shoply has bought the pioneering Australian IT website and its estimated $7 million in annual revenue. SHoply shares were down 5.8% to $0.016.

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