ASX drops, $A jump on jumbo RBA rate rise
The Australian sharemarket has fallen deeper and the local currency jumped after the Reserve Bank raised interest rates by 50 basis points to 0.85 per cent.
The S&P/ASX 200 is down 1.7 per cent at 7085.3 following the move, after being down around 1 per cent prior to the announcement.
The Australian dollar jumped nearly half a US cent to US72.33¢. The yield on the three-year Australian bond soared 19 basis points to 3.16 per cent.