Australians have lost an estimated $90 billion from their superannuation funds in a sharemarket rout triggered by the Trump administration’s global trade reset, which economists say is likely to trigger a round of interest rate cuts to bolster consumer confidence.

The Australian sharemarket’s benchmark S&P/ASX 200 index tumbled into a correction on Friday, which is marked by a 10 per cent decline from its previous high, following a brutal session on Wall Street, where $3.85 trillion was wiped off the S&P 500 index.