Australian shares dipped below the key 5800 point mark on the ASX200 as the banks were sold off.
A short time ago, the ASX200 was at 5,795.40, down 55.12 points or 0.94%.
The major banks were the main weight on the market.
Westpac was down 1.7% to $32.35, the NAB 1.7% to $30.95, the Commonwealth 1.6% to $81.27 and the ANZ 1.2% to $29.17.
Macquarie, the fifth bank to be hit with a new bank levy announced last week during the 2017 federal budget, was down 1.2% to $88.85.