Also weighing sentiments was concern over the prospect of prolonged U.S. monetary tightening after the release of stronger-than-expected November service sector data in the world's largest economy.
At closing bell, the benchmark S&P/ASX200 index was down 34.30 points, or 0.47%, to 7,291.30. The broader All Ordinaries index was erased 40.1 points, or 0.53%, to 7,487.70.
Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. INFORMATION TECHNOLOGY issue underperformed, losing 2%, followed by A-REIT (down 1.1%), MATERIALS (down 0.8%), and CONSUMER DISCRETIONARY (down 0.6%). Utilities was the best performing sector, gaining +0.53%.
The top performing stocks in S&P/ASX200 index were WHTEHAVEN Co and FLETCHER BUILDING, up 2.7% and 2.6% respectively. The bottom performing stocks in S&P/ASX200 index were NOVONIX and ST BARBARA, down 8.85% and 8.76% respectively.
Shares of tech companies slumped amid rising fears around increasing interest rates. Software company Xero plunged by nearly 4% and Novonix plummeted 8.8%.
Shares of gold miners were also on the retreat as the price of the precious metal dipped amid a surge in the US dollar overnight - Novonix had the biggest decline on the ASX 200 index.
Shares of coal miners were up amid a jump in prices for thermal coal, used in power stations - Whitehaven, Coronado and New Hope were roe between 2-3%.
ECONOMIC NEWS: The RBA lifted the cash rate by a by 0.25 of a percentage point to 3.1% as part of its battle against ballooning inflation. RBA governor Philip Lowe said the bank would need to keep a close eye on labour costs, household spending and the price-setting behaviour of firms to avoid a prices-wages spiral. He flagged further rate rises for next year.
The Australian Bureau of Statistics released data on Tuesday that showed consumer spending climbed 20.7% from the previous corresponding period.
CURRENCY NEWS: The Australian dollar was up 0.24% at $0.6722 against greenback.
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