At the 4.15pm (AEDT) close, the share market was at a five-year low, wiping $27 billion off the market, it's lowest close since December 2003. The All Ordinaries shed 93.1 points, or 2.82 per cent to 3203.8.
This morning, a measurement of price rises in recent months put the inflation rate back above the level the Reserve Bank (RBA) aims for to prevent the economy overheating. The survey blamed petrol price rises for a 0.7 per cent rise which took the yearly rate to 3.1 per cent.
With phase two starting up we have lots of exciting economic news to look forward too.