The Australian share market has fallen back below 6,000 points just a week after reaching the milestone for the first time in a decade.
This morning's falls have been broad, with everything except the technology sub-sector posting losses, and more than three-quarters of the top 200 companies in the red.
The ASX 200 index was down 0.8 per cent at 5,976 by 11:00am (AEDT), while the broader All Ordinaries index was off 0.7 per cent at 6,053.
Index giants BHP Billiton and Rio Tinto were down 1.5 and 1.2 per cent respectively, while Fortescue was off 1.75 per cent.
All four major banks were posting losses between 0.5 and 0.8 per cent.
Other blue chips, such as Woolworths, Wesfarmers and Telstra were also off about 0.5-0.8 per cent.
However, there have been bigger falls for more discretionary retailers, with Harvey Norman falling 1.5 per cent and JB Hi-Fi down 2.2 per cent.
Australian dollar also slides
The Australian dollar was also in the firing line, falling to 76.15 US cents.
AxiTrader's chief market strategist Greg McKenna said the Australian dollar weakness looks set to continue.
"Was it a commodity bloc sell off? Or does the weakness in Sterling, which saw the British pound lose 0.6 per cent, make it a Commonwealth bloc sell off? I note the South African rand has lost 0.75 per cent overnight. But that's a commodity currency as well," he wrote in a note.
"Whichever way you cut it the Aussie dollar looks weak and at risk of a substantial break lower.
"There is simply no compelling reason to buy Aussie dollars."
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