The Australian stock market fell, dragged down by mining and technology stocks.

The S&P/ASX 200 index fell 0.2% to 8,792.90 points, with material stocks being the biggest drag on the decline. Technology stocks also weighed down the index. Overnight, US technology stocks fell due to concerns about the industry's high valuations. The New Zealand S&P/NZX 50 index dropped 0.3% to 13,561.03 points. The country's soft economy has led to companies being unwilling to hire new workers, causing the unemployment rate to rise to its highest level in nine years in the third quarter.