However, market losses capped as some investors bought back after China's central bank trimmed its key rates in an attempt to boost the world's second-largest economy.
At closing bell, the benchmark S&P/ASX200 index was down 67.59 points, or 0.95%, to 7,046.88. The broader All Ordinaries index shed 71.56 points, or 0.97%, to 7,287.16.
All 11 sectors ended lower along with the S&P/ASX 200 Index. Consumer discretionary sector suffered the largest percentage losses, down 1.9%, followed by information technology (down 1.5%, property trusts (down 1.3%), financials (down 1.2%), and materials (down 0.9%) issues.
The top performing stocks in S&P/ASX200 index were NIB HOLDINGS and EML PAYMENTS, up 7% and 6.1% respectively. The bottom performing stocks in S&P/ASX200 index were ADBRI and MAGELLAN FINANCIAL GROUP, down 16.9% and 9.9% respectively.
With an annual meeting of central bankers in Jackson Hole, Wyoming, coming up this week, investors opted sideline for U.S. Federal Reserve Chair Jerome Powell's speech at the Jackson Hole central for clues regarding future rate hikes, after Fed speakers made comments indicated a slowdown in rate hikes may not be forthcoming after all. Last week, St. Louis Federal Reserve President James Bullard reiterated his calls for another 0.75 percentage point hike, while San Francisco Fed chief Mary Daly said that raising rates by 50 or 75 basis points in September would be reasonable.
Shares of materials and resources declined due to a slump in gold and iron ore prices. Gold miners Predictive Discovery and Westgold Resources were down 7% and 3.7%, respectively. Rio Tinto and Fortescue Metals lost more than 1.7%, each.
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Interest rate sensitive technology stocks fell on tracking their U.S. peers lower after a broad sell-off on Wall Street on Friday led by mega-caps. Computershare and Technologyone were down 0.6% and 1.1%, respectively.
Among individual stocks, shares in Abdri tumbled after the cement maker reported a drop in profit for the first half and also slashed its dividend.
Shares of aerial imagery firm Nearmap jumped after it agreed to an A$1.06 billion ($728.86 million) takeover offer from private equity firm Thoma Bravo.
Shares in EML closed higher after the fintech firm announced a share buy-back ahead of its strategic review.
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