Australian shares closed down 1.6 per cent on Tuesday on a broad-based sell-off that spared no sector after oil hit a fresh 5-1/2 year low and Wall Street stocks tumbled.
The S&P/ASX 200 index fell 85.53 points to 5,364.8 at the close of trade, recording its biggest drop in terms of percentage since December 9. The benchmark rose 0.2 per cent on Monday.
New Zealand's benchmark NZX 50 index fell 0.7 per cent or 41.2 points to finish the session at 5,561.4.