(Updates to close)
SYDNEY, July 5 (Reuters) - Australian shares fell 1.0 percent on Tuesday, with the financial sector hardest hit as political uncertainty at home after an inconclusive election hurt sentiment, while New Zealand's bourse rose on an uptick in business confidence.
The S&P/ASX 200 index .AXJO fell 53.78 points to 5228 at the close of trade. The drop wiped out Monday's 0.67 percent gains, which were driven by industrial and precious metals miners.
New Zealand's benchmark S&P/NZX 50 index .NZ50 picked up 0.43 percent, or 30.04 points, to finish the session at 6970.99.