The Australian share market has tumbled more than 1 per cent amid another fall on Wall Street, as investors worry about another supersized interest rate rise in the US, and as the World Bank warned of a global recession.
The market fell as much as 1.5 per cent in afternoon trade after the Reserve Bank governor, Dr Philip Lowe, told a parliamentary committee that more interest rate increases are needed to lower inflation in Australia, and oil prices dropped overnight.
