The S&P/ASX 200 shed 0.1 per cent, or 9.9 points, to 6591.1, its lowest level since December 2020. The broader All Ordinaries Index edged just 0.03 per cent lower to 6783.7.

Australian shares fell for a fifth straight day on Thursday in a session that reversed a morning rally after investors became worried

The benchmark S&P/ASX200 index dropped into negative territory in the final hour of trade to finish Thursday down 9.9 points to 6,591.1, a drop of 0.15 per cent.

The All Ordinaries index closed down 2.1 points, or 0.03 per cent, to 6,783.7.

On the ASX, the exchange's 11 official sectors were mixed on Thursday, with four gaining ground and seven losing it.

the official interest rate by 0.75 of a percentage point, the biggest increase in 28 years.

Australia’s blue-chip index jumped as much as 1.1 per cent in early trade.

The underemployment rate fell by 0.4 of a percentage point to 5.7 per cent, while the under utilisation rate, which includes both unemployed and underemployed people, fell to 9.6 per cent, its lowest level since April 1982.

Like many other central banks are finding currently, the arguments for stepping up the pace of tightening are gaining credibility.