$S&P/ASX 200 (.XJO.AU)$ended 0.6% lower at 7029.2 amid broad-based losses, led by the materials and energy sectors.
Almost all sectors finished in the red, with only telecom services and property trusts closing in positive territory.
Wealth manager$AMP Ltd (AMP.AU)$was the day's best-performing stock, rising 5.9% after announcing that it had settled its buyer of last resort class action proceedings.
$Origin Energy Ltd (ORG.AU)$fell 1.1%, after the Australian power company postponed its shareholder vote on a potential takeover on receipt of a revised proposal.