Australian stocks closed about half a per cent lower as the big resources companies dragged the market down following falls in China.
At the close today, the benchmark S&P/ASX200 index was 28.5 points, or 0.57 per cent, lower at 4,966.5. The broader All Ordinaries index was 27.1 points, or 0.54 per cent, down at 4,979.9.
Chinese shares were down 2.43 per cent today as heavyweight banking stocks plunged, with the benchmark Shanghai Composite Index sliding 55.95 points to 2,245.31.
China's biggest lender by assets reported a slowdown in profit growth for 2012.
OptionsXpress analyst Ben Le Brun said resources stocks reversed earlier gains to finish lower due to negative sentiment in China.
"There's ructions coming out of Shanghai where they're looking to tighten regulations in the banking sector and that's largely weighed on our market, affecting the resources and materials sectors more than anything," Mr Le Brun said.
