Aussie shares dive as lingering inflation fears bite
All 11 sectors on the ASX finished lower, with technology and materials having the biggest losses. -AAP Image
The Australian share market has taken its third-biggest loss of the year as technology slumps and inflation worries eat into investor confidence.
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The S&P/ASX200 closed down 167.3 points, or 1.94 per cent, to 8,469.1, as the broader All Ordinaries dropped 177.4 points, or 1.99 per cent, to 8,738.3.
Sweeping sell-offs dragged the bourse to its lowest level since June as minutes from the Reserve Bank's latest meeting suggested only a significant inflation turnaround would leave the door open to more interest rate cuts.
All 11 local sectors finished lower, with technology and materials having the biggest losses at 6.1 per cent and three per cent respectively.
The Australian dollar is buying 64.78 US cents, down from 65.23 US cents on Monday at 5pm.
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