Australian shares slid on Tuesday, as investors took note of failed attempts to topple Prime Minister Malcolm Turnbull and top miner BHP missing annual earnings expectations. Turnbull survived a leadership challenge by Home Affairs Minister Peter Dutton but the narrow margin of his win did little to dampen speculation about his future, especially when followed immediately by a parliamentary no-confidence motion.
Turnbull defeated the no-confidence motion but "History is against him in Australia. Generally, each party gets two turns and then the public loses interest and that was due to happen either way," said Mathan Somasundaram, chief market strategist at CMC Markets.
Australia's benchmark S&P/ASX 200 index lost 1 percent to end at 6,284.40. It rose 0.1 percent on Monday. Global miner BHP's full-year underlying profit rose 32.7 percent but fell short of expectations. Its shares lost 1.9 percent as investors shrugged off a record final dividend.
The chief executive of the world's biggest miner said on Tuesday that BHP was "a little more apprehensive" on the short-term outlook, given trade disputes between China and the United States.
Shares of BHP rival Rio Tinto Ltd ended down 0.5 percent. The financial stocks index was 1.3 percent lower, with Commonwealth Bank of Australia down 0.9 percent and Australia and New Zealand Banking Group Ltd 1.8 percent lower.
New Zealand's benchmark S&P/NZX 50 index edged up 0.1 percent to 9,115.78, on strength in utilities and consumer staples. Dairy firm a2 Milk Company Ltd was among the top gainers, rising 1.8 percent.