The Australian stock market has opened to sharp falls this morning after the Dow Jones dropped by more than 4.6 percent overnight in its worst daily percentage fall since 2011.
Within the first hour of opening, the ASX decreased in value by $52 billion, with the Australian dollar slipping below 79 US cents.
Federal Treasurer Scott Morrison downplayed the fall, saying the fall was to be expected and is a recalibration of the market.