At closing bell, the benchmark S&P/ASX200 index declined 44.99 points, or 0.73%, to 6,116.40. The broader All Ordinaries dropped 37.52 points, or 0.59%, to 6,294.50.
Investors' sentiments spooked by the Victoria government's intention to extend a state of emergency by another year to combat the spread of the virus. Victoria, the country's second-most populous state, saw 24 deaths on Wednesday, compared with the record 25 reported last week.
Investors shrugged off optimism around US-Sino trade negotiations and fresh progress in the medical battle against Covid-19 that helped lift Wall Street indexes to record highs overnight.
Financial stocks led the retreat with big four banks - ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac - were lower in a range of 1.3% to 2.5%.
Gold miners declined after safe-haven gold prices extended losses overnight. Newcrest Mining was lower by more than 1% and Evolution Mining fell almost 1%.
The major miners were mostly weak. Rio Tinto was lower by more than 1% and BHP Group was down almost 1%, while Fortescue Metals added almost 1%. Meanwhile, oil stocks were mostly higher as crude oil prices rose overnight. Oil Search rose more than 2% and Woodside Petroleum added 0.5%, while Santos was lower by almost 2%.
APA Group shares fell as the country's biggest gas pipeline operator forecast a weaker fiscal 2021, while Whitehaven Coal slid to its lowest in over four years after the country's largest independent coal producer reported a 95% plunge in full-year underlying profit.
Shares of Qantas Airways lost more than 3% after announced another 2400 jobs cuts, on top of the 6000 job cuts announced by the airline earlier in June to offset the impact of the coronavirus pandemic.
ECONOMIC NEWS: Australia Construction Work Done Eases 0.7% In June Quarter - Australia's total construction work done decreased 0.7% sequentially in the June quarter, data from the Australian Bureau of Statistics showed on Wednesday. The construction work was valued at A$50.128 billion. Total building work done was down 3.9%, while engineering work done rose 3.8%. Data showed that both residential and non-residential work done decreased 5.5% and 1.5%, respectively. On a yearly basis, construction work done fell 2.2% in the second quarter.
CURRENCY NEWS: The Australian dollar changed hands at $0.7192, in a trading week that has seen in mostly trading between $0.716 and $0.72.
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