Australian shares fell 1.2 percent on Friday, hovering near 2-1/2 year lows, led by heavy sell-off in financials and consumer staples stocks.
The S&P/ASX 200 index slipped 55.8 points to 4,765.30 at the close of trade, erasing all of the previous session's gains.
The benchmark has fallen in 7 out of the last 10 sessions on renewed worries about global growth and concerns about slowing revenues and dividends at Australia's heavyweight banking sector. For the week, the index dropped 4.2 percent, its worst weekly showing since Jan. 8.
New Zealand's benchmark S&P/NZX 50 index slipped 0.9 percent or 53.06 points to finish the session at 5,933.96.
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