May 9 (Reuters) - Australian shares fell on Tuesday, dragged by...

May 9 (Reuters) - Australian shares fell on Tuesday, dragged by financials after the country's largest lender warned of a near-term impact on profit margins due to high competition in the mortgage market.

The S&P/ASX 200 index (xjo) slipped 0.5% to 7,248.2 points by 0033 GMT. The benchmark added 0.8% on Monday.

Financials .AXFJ retreated as much as 1.1%, losing for the first time in three sessions.

Commonwealth Bank of Australia (CBA) dropped 1% after the lender hinted at potentially weak credit growth and weaker margins in the coming months.

Westpac Banking Corp (WBC) , ANZ Group Holdings (ANZ) and National Australia Bank (NAB) slid 0.5%-2%.

Market participants will eye United States' consumer prices data for April due on Wednesday — where core inflation is expected to have slowed moderately — for further clues on the Federal Reserve's rate decision.

Energy stocks .AXEJ declined 1.1% after oil prices dipped overnight over uncertainty around Fed's future actions.

Oil and gas majors Woodside Energy (WDS) and Santos (STO) lost 1.4% and 1%, respectively.

Gold sub-index .AXGD fell 0.8% even as bullion prices regained some ground after a retreat in the previous session.

Newcrest Mining (NCM) and Ramelius Resources (RMS) traded down 0.9% and 1.2%, respectively.

Separately, Australia is set to deliver its first budget surplus in 15 years giving the country room to dole out cost-of-living relief amid an inflation squeeze on households.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index (nz50) slipped 0.7% to 11,917.56 points.

Tourism Holdings Ltd (THL) and Meridian Energy Ltd (MEL) were the top losers on the bourse.