Australian shares declined on Monday in broad-based selling, as investors grappled with the prospects of global interest rates staying higher for longer, while Qantas Airways hit a near one-year low after flagging a hit from elevated oil prices.

The S&P/ASX 200 index fell 0.6% to 7,224.8 by 0018 GMT, with mining and gold stocks leading the decline.

The index slumped to its worst week in more than a year last week, shedding 2.9%.

US Federal Reserve officials said on Friday they were uncertain if the inflation battle was over and indicated that the monetary policy would likely remain tight for longer than previously expected.

Back home, miners slipped 1% due to weak copper prices amid high inventories and reduced risk appetite.

Sector majors BHP and Rio Tinto fell 0.6% and 0.5%, respectively.

Gold stocks declined 1.8%, with Newcrest Mining , the country’s largest gold miner, down 1%.

Financials lost 0.7%, with the country’s big four banks shedding between 0.3% and 1%.

Australian shares end flat on China gloom

Energy stocks were little changed after oil prices closed last weak lower as market participants weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes.

Woodside Energy and Santos slipped 0.4% each.

Technology and healthcare stocks lost 0.05% and 0.4%, respectively.

Among individual stocks, Qantas fell more than 1% to hit its lowest since Oct. 12, 2022, after the airline said higher fuel prices were expected to drive its fuel bill higher by about A$200 million in the first half of financial year 2024.

New Zealand’s benchmark S&P/NZX 50 index declined 0.3% to 11,334.67.