It was a tough week for the local share market, with the benchmark ASX 200 index falling 3.2% to 5,299 points as sector losses were widespread.
With the exception of telecommunications, utilities and consumer staples, all the main sectors finished in the red, with the energy and materials sectors ending the week down 6.4% and 6.7% respectively.
In economic news, ANZ (ASX: ANZ) outlined a gloomier outlook for the economy and predicted the official cash rate could drop as low as 2% over the first half of 2015.
On a more positive note, official figures showed the unemployment rate decreased to 6.1% in December, with job vacancies in Australia increasing by a seasonally adjusted 2.6% during the November quarter.
The total number of jobs advertised across Australia also rose for a seventh consecutive month, boosted by increases in both online and newspaper ads.