Energy stocks continued to fall in response to the sharp decline oil prices, Woodside dropping 3.5 per cent to A$20.789 and Santos falling 2.5 per cent to A$4.77.
The US market, which closed at 10 am NZT, finished 7.8 per cent down as measured by the Dow Jones Index. Britain's FSTSE100 fell 7.7 per cent and Germany's DAX dropped by 7.9 per cent.
World markets continue to be extremely volatile on the back of a slump in oil prices and the rapid spread of the coronavirus.
Qantas shares were down 5.9 per cent after announcing drastic capacity cuts and Virgin Australia shares have lost 12.5 per cent.