Australian shares decline after Wall Street slips

Australian shares fell to their weakest level in over a week on Thursday, after Wall Street was pressured by a report that China may slow its buying of US governments debt.

The S&P/ASX 200 index fell 0.6 per cent or 33.4 points to 6,063.3 by 0012 GMT. The benchmark lost 0.6 per cent in the previous session.

Financials bore the brunt of the downturn, according to Reuters.

Australia and New Zealand Banking Group declined 0.9 per cent to its lowest in a week, while Westpac Banking Corp and Commonwealth Bank of Australia fell about 0.7 per cent each.

Healthcare giant CSL Ltd was among the biggest drags on the index, suffering its largest drop in over five weeks.

Material stocks, which opened higher on the back of solid oil and metal prices, snapped back into the red with the rest of the market.

Heavyweight BHP Billiton Ltd fell 0.8 per cent, the worst loss in over three weeks.