The Australian sharemarket dropped 1.2 per cent, or 86.7 points to 7129.6, after the Reserve Bank’s decision to lift the cash rate by 0.23 per cent.
Ten out of the 11 sectors were in the red, with consumer discretionary and financials stocks recording losses over 1 per cent.
Wesfarmers shares fell 2.1 per cent. Aristocrat Leisure tumbled 2.5 per cent. Lottery tumbled 3.4 per cent.
Woolworths dropped 1.2 per cent. Despite that, a2 Milk shares rallied 1.9 per cent after it received a green light on re-registration from Chinese authorities.
Commonwealth Bank shares dropped 1 per cent. Westpac shed 2 per cent. National Australia Bank fell 1.1 per cent. ANZ Bank retreated 1.6 per cent. ASX Limited tumbled 10.2 per cent after reporting that it faced a capital expenditure bill nearly 50 per cent higher for the next financial year.