The S & P /ASX 200 is down 0.4 percent, or 27.3 points, to 6176.5 at 00:44 GMT. The figure fell 0.6 percent on Friday.
Global stocks tumbled on Friday after a disappointing US payroll report, which, coupled with declining trade with China, raised concerns about a slowdown in the global economy.
Financials were negatively impacted following a parliamentary committee meeting on Friday, where executives at a number of large banks raised questions about sector misconduct.
Mining shares fell 0.2 percent on Friday's copper price decline.
Miners Rio Tinto and BHP Group fell 1 percent and 0.3 percent, respectively.
The decline in New Zealand stocks was driven by financial and utility problems.
New Zealand's S & P /NZX 50 benchmark was down 0.2 percent, or 147.8 points, to 9,422.47.
