© Bianca De Marchi/AAP PHOTOSShares were lower on the ASX and there were sizeable losses for technology and energy.
Big miners have been roundly sold after their whopping gains on Monday helped the Australian share market to a record close.
Fortescue Metals lost 3.02 per cent to $24.04 and Rio Tinto shed 2.49 per cent to $129.62 on Tuesday after surging on higher iron ore prices in the previous session.
BHP dropped 0.92 per cent to $51.17.
The benchmark S&P/ASX200 index was lower by 66.6 points, or 0.92 per cent, to 7106.2 at 1200 AEST.
The All Ordinaries was down 79.1 points, or 1.06 per cent, to 7340.7 points.
Information technology shares had the steepest fall, 2.83 per cent.
Afterpay continued its recent slide and lost 4.93 per cent to $92.69.
Energy shares were down 1.79 per cent a day after a cyberattack forced a major US fuel pipeline to shutdown.
Colonial Pipeline, the largest pipeline in the US, said it should "substantially" restore service by the end of the week.
On the ASX, Oil Search dropped 2.9 per cent to $3.84. Beach lost 2.8 per cent to $1.29.
There were losses of more than one per cent for shares in materials and telecommunications.
Wall Street closed lower as inflation fears drove investors from market-leading growth stocks.
Video: RBA to hold interest rates at 0.1 per cent until 2024 (Sky News Australia)
RBA to hold interest rates at 0.1 per cent until 2024
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Industrial and healthcare shares limited the Dow's decline.
The Dow fell 0.09 per cent, the S&P 500 lost 1.04 per cent and the Nasdaq Composite dropped 2.55 per cent.
In Australia, investors will be keeping an eye on the federal budget to be released today.
A massive turnaround in the deficit will be unveiled.
Economists are expecting a figure around $155 billion, which would be a vast improvement on the $198 billion shortfall estimated in December's mid-year budget review.
One of the big stories on the market was Seven Group's $8 billion takeover offer for Boral.
Boral encouraged shareholders to reject the offer, saying the bid undervalues its target.
The off-market bid of $6.50 per share did not give a premium on the closing price of shares on Monday ($6.50).
Shares in Boral were up 1.3 per cent to $6.58.
Shares in Seven were down 2.26 per cent to $20.67.
The Federal Court has approved NAB's proposed buying of digital bank 86400.
NAB in January said it would pay about $220 million.
The bank will combine 86400 with its existing online-only service, UBank.
Shares were down 0.4 per cent to $26.98.
All the big four banks were down, as well as Bank of Queensland and Bendigo.
The Australian dollar was buying 78.33 US cents at 1200 AEST, lower from 78.61 US cents at Monday's close.