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SYDNEY Jan 14 (Reuters) - Australian shares lost 1.5 percent on Tuesday as the S&P/ASX 200 index suffered its biggest one day decline in 3-1/2 months following Wall Street's fall overnight, with investors cautious ahead of corporate results and iron ore prices near record lows.
The S&P/ASX 200 index tumbled 80.1 points to 5,212.0, its lowest point since Dec. 20. The benchmark fell 0.4 percent on Monday.
New Zealand's benchmark NZX 50 index fell 0.7 percent to 4,865.2. (Reporting by Thuy Ong; Editing by Simon Cameron-Moore)