Traders were also awaiting a pivotal US Federal Reserve policy meeting announcement due on Wednesday that could reveal more about its plans to taper stimulus measures and hike rates.
At closing bell, the benchmark S&P/ASX200 fell 46.45 points, or 0.63%, to 7,324.32. The broader All Ordinaries index dropped 45.60 points, or 0.59%, to 7,646.56.
Shares of materials and resources were the biggest laggards on the benchmark index, as iron ore prices fell on poor demand outlook. BHP Group and Rio Tinto were down between 2% and 2.5%.
Financials fell, as insurers and the "Big Four" banks all closed lower. Westpac (WBC) extended yesterday's losses, down 2.7%, following the release of its FY21 results. Insurance Australia Group was down 7% after it warned of higher costs due to bad weather.
Industrial property group Goodman Group shares was one of the strongest performers today, up 5.6%, after provided its quarterly operational update to the market. The company upgraded its earnings guidance for FY22, with operating earnings per share growth expected to be in excess of 15%.
CURRENCY NEWS: The Australian dollar fell to $0.7463 against an earlier high of $0.7532 following the RBA's announcement.
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