The losses are widespread, with nearly every sector in negative territory.
Only the defensive telco sector is in the black, whilst utilities, industrials and consumer discretionary stocks are the hardest hit.
In company news, OneSteel is up more than 8% on news that it has sold its Australian Piping Systems business and related property investments for $100 million.
Elsewhere, Gunns is down a further 8% after requesting and extension of its core debt facilities.
Around the region, Asian markets are all weaker; the Hang Seng is down 0.5% whilst the Nikkei is 0.4% softer.