The lowdown: The sharemarket recovered from an opening plunge but couldn’t withstand the weight of a tumbling tech sector and broad losses across all sectors, bar financials and utilities.

The negative session saw the impact of Australia’s biggest bank’s full-year earnings. Despite posting a $9.6 billion profit, up 11 per cent and ahead of market expectations, shares in Commonwealth Bank dipped.

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Investors could be worried about a 0.18 percentage point fall in the bank’s net interest margin (NIM) to 1.9 per cent - the difference between the amount a bank earns in interest on loans and the amount it pays to customers on their deposits.

Head of investments and capital markets at VanEck, Russel Chesler, said, “Investors more generally should be cautious about being over exposed to the big banks” and added CBA’s share price was “arguably overvalued”.

“Moving ahead, pressures on the CBA’s earnings – and the earnings of the big banks more generally – will increase as economic activity slows with higher interest rates and as fewer home loans are written,” Chesler said.

“CBA’s prediction of improving NIM’s from increasing interest rates may not materialise, and they may even narrow further due to the very strong competition in the mortgage market.”

As markets keep a keen eye on inflation, the Australian Bureau of Statistics said it is planning to bring Australia in line with most other developed economies by releasing monthly CPI data rather than quarterly.

Australian Statistician Dr David Gruen AO said a monthly indicator, which will start in October, will be useful guide amid turbulent economic conditions for businesses, researchers and academics.

“The quarterly CPI will continue to be Australia’s key measure of inflation with the new monthly Indicator an aide to this, providing quicker insights,” Gruen said.

Tweet of the day:

Quote of the day: “Our estimate is Australia’s transition to a net zero emissions economy will require $2.5 trillion to $3 trillion of investment to 2050. While ambitious, this is similar in scale to the investment in Australia’s mining boom from 2005 to 2015,” CBA chief executive Matt Comyn said.

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