The banks have dragged the ASX200 below 5800

Raul Arboleda/AFP/Getty Images

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.

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