In commodities, crude oil prices settled lower due to concerns over excess supply, while gold futures saw a slight increase.

On the Sydney Stock Exchange, declining stocks outnumbered advancers, with 648 stocks declining compared to 397 advancing.

The Reserve Bank of Australia is expected to maintain the cash rate at 4.35% during its upcoming announcement.

In the gold mining sector, results were mixed, with Evolution Mining and Gold Road Resources gaining, while Northern Star Resources and Newmont faced losses.

The tech sector struggled as well, with Afterpay's parent company Block and Zip both declining, contrasting with a surge in Appen's stock.

A mixed quarterly inflation report has dampened expectations for an immediate interest rate cut by the Reserve Bank of Australia.

Australia's sharemarket closed October on a down note, with the ASX 200 index falling by 20.40 points, or 0.25%, to finish at 8,160 points.

This decline followed a broader trend in the U.S., where major averages also closed lower, with the S&P 500 down 108.22 points (1.9%) and the Dow falling 378.08 points (0.9%).

The All Ordinaries Index mirrored this trend, decreasing by 13.40 points (0.16%) to 8,426.10, reflecting a slight decline in Australian stocks.

The overall drop in the Australian market was influenced by losses across various sectors, particularly in notable companies.

Among the big four banks, Commonwealth Bank, National Australia Bank, and ANZ experienced declines of nearly 1% each, while Westpac fell slightly.

Major supermarket chains also reported weaker-than-expected trading volumes, with Coles and Woolworths both seeing significant drops.