Australia's share market has fallen to its lowest level in two weeks after a surprise inflation spike dampened hopes of further interest rate cuts in 2025.
The S&P/ASX200 fell 85.7 points on Wednesday, down 0.95 per cent, to 8,926.8, as the broader All Ordinaries lost 77.1 points, or 0.83 per cent, to 9,218.7.
The bourse tumbled from an already shaky start after higher-than-expected September quarter inflation figures landed at the upper limit of the Reserve Bank's preferred trimmed mean price growth measure.
"It pretty much eradicates almost any chance of a rate cut before the end of the year, it would take something extraordinary to see it now," Capital.com market analyst Kyle Rodda told AAP.
Interest rate-sensitive sectors led the losses, as the heavyweight financial sector tumbled 1.9 per cent, tracking with losses in the major banks.
The Australian dollar strengthened on the inflation print to buy 65.96 US cents, up from 65.38 US cents and trading at three-week highs after five straight sessions of gains.