Australian shares lost 1.0 percent on Monday, holding just above the year's low hit a week ago, and on track for the worst quarterly performance in a year as global worries deterred investors. Ahead of the fiscal year-end on Thursday, investors had little reason to buy in with worries about US growth and the Greek debt crisis weighing on financial markets.
The market is on track to lose 7.8 percent for the quarter, which would be its worst quarterly performance since the three months to end-June 2010. IG Markets analyst Ben Potter said investors were wholly focused on the macro headwinds and would not return their attention to local news unless the Greek austerity plan was voted through later this week.
The top banks bore the brunt of losses, with National Australia Bank off 0.7 percent to A$24.50 and Commonwealth Bank down 1.3 percent to A$50.45. Miners fared better, with shares in BHP Billiton easing 0.3 percent to A$42.20. A news report said the global miner is on track to complete its $10 billion share buyback six months early, raising hopes of a fresh capital return to shareholders.
The benchmark S&P/ASX 200 index tumbled 46.3 points to 4,461.8 on volume around 80 percent of an average day. It firmed 0.2 percent on Friday and posted its first weekly gain in five weeks. New Zealand's benchmark NZX 50 index ended down 0.5 percent to 3,438.1.
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