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Companies being ‘hammered’ as the Australian share market suffers $57b wipeout

The Australian share market has suffered a $57 billion wipeout after record breaking losses on Wall Street last night.

Macquarie Radio’s finance editor Ross Greenwood told Neil Mitchell the Dow Jones fell 4.6 per cent, the worst one day fall in 10 years.

“The fall in the market is now down almost three per cent, so this means the All Ordinaries index is down 180 points,” he said.

“You’ve got banks, resources companies being hammered, also energy companies as well.

“It means right now, there’s the best part of $55 billion wiped off the stockmarket today, that follows a fall yesterday of 1.6 percent, which was equivalent to around $30 billion being wiped out.

“At the moment, $85 billion dollars has been lost over the past few days.”

Click PLAY to hear the full report from Macquarie Radio’s finance editor Ross Greenwood