The Australian stock market was sharply lower at noon, pummelled by fresh concerns over Greece's financial woes, record intraday falls on Wall Street and the government's proposed resources tax.
At 1210 AEST, the benchmark S&P/ASX200 index was down 80.9 points, or 1.77 per cent, at 4,492.3 points, while the broader All Ordinaries index had fallen 81.8 points, or 1.78 per cent, to 4,516.8 points.
On the Sydney Futures Exchange the June share price index contract was 75 points lower at 4,498 points, on a volume of 41,457 contracts.
The local market opened about three per cent lower, sparked by a huge selloff in New York, where the Dow Jones industrial average and S&P500 index both slumped more than three per cent.
The Dow had dipped almost 1,000 points at one stage, due to what reports said was a trading error.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Regardless, the weak finish coupled with worries about Greece's debt and the government's resources tax, pushed the benchmark S&P/ASX200 to its lowest level since September last year.
The market has staged a slight recovery since, but there were still almost 10 stocks down for every one that had managed a gain at 1210 AEST.
Burrell Stockbroking director Richard Herring said Friday's decline was due to the Greek situation and the resources tax.
"The resource rent tax announced last Sunday has obviously affected a large proportion of our markets," Mr Herring said.
"A downward spiral in terms of the action and reaction taken over the Greek situation is starting to cause concern." Financials stocks were leading the market lower, with only five stocks in the S&P/ASX50 in positive territory, among them gold miners Lihir and Newcrest.
Lihir was up six cents at $3.92, while Newcrest had risen 70 cents to $31.72.
