The Aussie market is taking its lumps today, following on from the bearish leads provided by international markets last night.
The XJO is currently down 40 points (-1%), at 4170.
All but one sector is in the red, with materials, healthcare and industrials bearing the brunt of the selling.
In economic news, quarterly GDP came in weaker than expected, at 0.4% versus an expected 0.7%.
The result increases the likelihood the RBA will cut interest rates again in order to boost demand.
In company news, Telstra announced that it has finalised its $11 billion agreement with the federal government and NBN co for the rollout of the National Broadband Network (NBN).
Elsewhere , Amcor announced that it has agreed to buy Aperio Group for $238 million, subject to certain conditions which include approval from the ACCC.
Around the region, Asian markets are all weaker; the Hang Seng is down 0.9% whilst the Nikkei is off 0.7%.