Most sectors finished in the red today. Consumer staples managed to buck the trend due to the defensive status of supermarket giant Woolworths (+1.1%).
The big four weighed on the market; Westpac was the worst performer of the four, dropping 1.2%.
All of the banking majors have now announced they will be increasing their variable rate, with NAB (-1%) the last to announce.
The major miners were hurt by mostly weaker metals prices. BHP declined 1.3%, while rival Rio Tinto lost 1.6%.
Uranium miner Paladin Energy sank 5.6% after reporting a first-half loss of US$120.2 million, which compared to US$21.1 million loss a year earlier.
The ASX 200 slumped 42 points (-1%), to close at 4243.