The major banks have only passed on about half of yesterday's rate cut and Prime Minister Malcolm Turnbull today urged them to pass on the cut in full or explain the decision "fully and comprehensively" to their customers.
Among the Big Four banks, Commonwealth Bank dropped 2 per cent to two-week lows of $76.03, ANZ lost 1.9 per cent, Westpac tumbled 2.5 per cent and NAB dumped 2.8 per cent.
The world's second-biggest mining company Rio Tinti, reported a 47 per cent decline in underlying earnings to $US1.56 billion for the first half.
Rio Tinto's shares closed flat at $49.42 before the results were released after the closing bell.
Other resource companies were mixed, with Newcrest Mining gaining 3.3 per cent to $25.70, but BHP Billiton dipped 0.8 per cent.