Australian shares fell on Wednesday's close, tracking Wall Street markets as fears of recession heightened amidst trade and tariff uncertainties.

The S&P/ASX 200 fell 0.4% or 32.1 points to close at 7,828.3.

Traders will keep a close eye on Federal Reserve Chair Jerome Powell's press conference due Wednesday, as he navigates the central bank's economic outlook amid concerns over the impact of Trump's trade policy, Bloomberg reported.

Markets are anticipating the proverbial "Powell put," with expectations for dovish guidance, the report said, citing Capital.com's senior analyst Kyle Rodda.

"Historically, Fed days when rates have been left unchanged have tended to see solid gains," said strategists from Bespoke Investment Group.

On the domestic front, the six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, lifted to 0.8% in February from 0.6% in January, the report said.

The number of people refinancing their home loan to the bank has risen 45% over the past quarter, according to a report by Westpac.

In company news, Mineral Resources (ASX:MIN) temporarily halted haulage on the haul road at its Onslow Iron project following an incident where the rear two trailers of a road train tipped over. Shares of the company fell 4% at market close.

WiseTech Global (ASX:WTC) shared findings from Seyfarth Shaw, the entity it appointed to support and advise its board on allegations against Executive Chair Richard White.

The findings revealed that White failed to fully disclose his relationship with an employee and an individual associated with a supplier. Shares of the company fell more than 2% at market close.

Lastly, Institutional Shareholder Services (ISS) is backing activist investor Palliser Capital's proposal to review Rio Tinto Group's (ASX:RIO) dual-listing structure in favor of a unification of the company, media outlets reported.