SYDNEY, AAP – Australian shares have had their steepest fall in more than three weeks after US Federal Reserve meeting minutes showed policymakers wanted bigger rate hikes to curb inflation.

The ASX lost 0.63 per cent on Thursday and rate-sensitive technology shares fared worst, down three per cent.

There were losses of one per cent for shares in energy and consumer discretionaries.

The benchmark S&P/ASX200 index closed down 47.3 points, or 0.63 per cent, to 7442.8.

The All Ordinaries index closed lower by 53.5 points, or 0.69 per cent, to 7734.8.


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The Australian dollar was buying 74.85 US cents at 1618 AEST, lower from 75.72 US cents at Wednesday’s close.