Stocks got crushed after the RBA left rates on hold

Boys slide down a hill at Coolangatta on the Gold Coast. Chris Hyde/Getty Images

Australian stocks tanked as the RBA announced it was keeping official interest rates on hold.

The S&P ASX 200 fell a full percentage point, led by the major banks and some of the big miners.

The NAB, which was up 1.5% in early trade, lost 0.6% to be at $39.05.

BHP, which had been up almost 1%, slipped 0.4% to $30.40.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at