According to Odaily, the Australian stock market faced a significant sell-off on Monday, with the benchmark index falling over 3%, marking the largest single-day decline since June 2022. This downturn occurred ahead of the Reserve Bank of Australia's interest rate decision scheduled for Tuesday, marking the second consecutive day of market decline.

Technology and banking stocks led the losses, with financial stocks experiencing their worst day since June 2020. This decline follows weeks of trading at record levels. As the earnings season begins this month, the upcoming performance report from the Commonwealth Bank of Australia is expected to further test the resilience of the Australian market.