Joe Burns of Australia is bowled out by Shannon Gabriel of the West Indies during day one of the First Test in Hobart. Cameron Spencer/Getty Images

The Australian market fell through the key 5000 point mark on the ASX 200 index.

Stocks dropped on surprisingly strong jobs data. The market saw better than expected official employment numbers as meaning another rate in rates is less likely.

A short time ago, the ASX 200 was at 4,996.60, down 83.85 points or 1.65%.

The index has lost 3% this week.

“It’s pretty ugly,” said Chris Weston of IG. “Most of the other markets around town are actually starting to find buyers … but ours is getting absolutely slammed.”

The market now sees the chances of a cut in official interest rates in February at 9%, down from 23%.

“Basically the market has repriced itself on this ridiculous jobs number,” Weston said. “The market is being sold because the banks are getting hit pretty hard.”

The banks were getting destroyed, with the NAB down 3% to $28.06 and the other three majors close behind.

Energy stocks had lost 1% as a group but BHP added 1.5% to $17.43 and Rio Tinto 2.3% to $43.04.

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