At closing bell, the benchmark S&P/ASX200 index declined 136.11 points, or 2.29%, to 5,815.94. The broader All Ordinaries dropped 132.19 points, or 2.15%, to 6,009.34.
A dour September wiped 4% off the benchmark index and put an end to a five-month rally as investors face renewed fears over global growth, wrangling over fiscal stimulus, and concerns equity markets have perhaps risen too far, too fast.
Australian share market followed a soft lead from Wall Street as investors focus on the first of three US Presidential debates. While, investors were slightly encouraged by some better than expected Chinese manufacturing data that continues to show signs of improvements in the world's second largest economy, the retreat of US futures into negative territory at the conclusion of the debate weighed on the local market.
Banks and financials declined, with all Big Four lenders fell around 2% while mining heavyweights BHP and Rio Tinto fell 3.5% and 1.6%, respectively. Tech stocks halted a three-day winning streak, with Afterpay giving up 2.2%.
Shares of energy companies declined as oil prices extended losses amid rising production in Libya and worries about the pace of demand recovery. Woodside Petroleum, Origin Energy and Oil Search all slumped around 5%. Santos lost 3.9% as a state panel approved it's A$3.6 billion Narrabri gas project.
ECONOMIC NEWS: Australia Building Permits Down 1.6% On Month In August- Australia total number of building permits in August was down a seasonally adjusted 1.6%, coming in at 13,691, the Australian Bureau of Statistics said on Wednesday, following the 12% spike in July. On a yearly basis, consents were up 0.6%.
CURRENCY NEWS: The Australian dollar changed hands at $0.7115 after touching an earlier high of $0.7149.
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