It’s been a horror day on the Australian share market, with almost $60 billion wiped from the value of the market.

And things could yet get worse.

3AW finance editor Ross Greenwood told Tom Elliott it had been absolute carnage.

The market is at a two-year low.

‘Commodity prices have been smashed overnight,’ Greenwood said on 3AW Drive.

‘There is genuine concern for the future of Australia’s third largest mining company ? Glencore ? whose fate appears to be hanging in the balance.’

Greenwood said there were two major factors behind the fall.

LISTEN: Ross Greenwood and Tom Elliott discuss the collapse