Australian shares fall as Westpac leads banks into red
By Adrian Black
The heavyweight financials sector has tumbled as Australia's share market starts the week lower. -AAP Image
Australia's share market has started the week on the back foot, after a dip in mortgage applications raised questions about upcoming bank earnings.
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The S&P/ASX200 fell 31 points on Monday, down 0.33 per cent, to 9,232.6, as the broader All Ordinaries lost 21.1 points, or 0.22 per cent, to 9,424.
Westpac tumbled more than five per cent after it noted third-quarter mortgage applications had slumped by a fifth since May's federal budget announcement, raising concerns about how banks will fare this earnings seasons.
Miners offered a ballast to the financial sector weakness, as gold and lithium prices advanced, while BHP and Rio also made gains despite copper prices easing on Friday.
The Australian dollar is buying 70.69 US cents, up from 70.33 US cents on Friday at 5pm AEST, the Aussie holding at multi-week highs before the Reserve Bank's interest rate decision on Tuesday.
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