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Mining giant BHP fell 1.3 per cent, Rio Tinto fell 0.6 per cent, while the largest company on the ASX, Commonwealth Bank, slid 1.5 per cent.

Meanwhile, dairy processor Beston Global Food Company has suspended trading after announcing it had appointed KPMG as voluntary administrators, who are seeking buyers of expressions of interest to recapitalise the business.

“There are significant dairy processing assets across two sites, strong relationships with loyal dairy farmers throughout South Australia and into western Victoria and established distribution channels both domestically and globally,” said restructuring partner Tim Mableson.

The lowdown

Market strategist at trading platform moomoo Jessica Amir said the Reserve Bank’s interest rates decision on Tuesday will lay the foundation for the markets this week. Amir said there was pressure on the RBA to cut rates but that “we probably won’t get any cuts”.

“A lot of pressure is on the RBA to cut interest rates, which would cut pressure on Aussies who are struggling,” Amir said.

“Oil prices have come down considerably, container rates have come down, inflation has come down a lot, but the market thinks that inflation will come down to the RBA targets.”

The RBA decision is looming after the Australian Competition and Consumer Commission on Monday took action against supermarket giants Coles and Woolworths, alleging the companies misled customers through their discounts.

“Regulators have been looking into this for a long time, it was just a matter of time. Aussies have been expecting the biggest sellers of goods to get a slap on the wrist,” said Amir. “Retail investors haven’t been interested in the retailers; they aren’t expecting good returns, the costs are so high, rents are so high, and wages are where they are.”