The dramatic tech stock sell-off at the start of the year has heralded a new era of investor caution around the value of listed Australian stocks, with analysts and fund managers saying the reaction to interim earnings season results shows the market is demanding clear proof of promises.

Australian shares have had a ropey start to 2022, with the S&P/ASX All Technology Index down 21.4 per cent for the year to date and experts saying higher interest rates that put valuations under pressure in US stocks had changed the way local investors view ASX stocks.