At closing bell, the benchmark S&P/ASX200 index declined 55.30 points, or 0.92%, to 5,936.47. The broader All Ordinaries lost 57.16 points, or 0.94%, to 6,051.93.
The Australian market succumbed to selling pressure from the outset of Thursday's trading, as risk sentiments discouraged by drop in Wall Street overnight amid fears of a second potential wave of novel coronavirus infections in the United States and rises in the numbers of coronavirus patients in Beijing.
Investors' sentiments were also rattled by disappointed local unemployment numbers. The Australian Bureau of Statistics revealed Thursday morning that Australia's unemployment rate hit 7.1%, which is the highest it has been for 21 years.
Mining and material stocks dropped the most, with iron ore miner Fortescue Metals Group losing 4.2% amid volatility in the prices of the steel-making commodity.
ECONOMIC NEWS: Australia Unemployment Rate Edges Higher In May Australia unemployment rate came in at a seasonally adjusted 7.1% in May, the Australian Bureau of Statistics said on Thursday, up from the upwardly revised 6.4% in April. The Australian economy shed 227,700 jobs last month to 12,154,100 following the loss of 594,300 in the previous month. Full-time employment decreased 89,100 to 8,540,000 people and part-time employment decreased 138,600 to 3,614,100 people.
CURRENCY NEWS: The Australian dollar changed hands at $0.6871, off highs above $0.693 seen earlier this week.
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