May 2 (Reuters) - Australian shares fell more than 1% on Monday...

May 2 (Reuters) - Australian shares fell more than 1% on Monday in broad-based selling, as investors braced for a central bank policy meeting where it is widely expected to hike interest rates for the first time in more than a decade.

The S&P/ASX 200 index (xjo) was down 1.3% at 7,338.40 by 0056 GMT after rising 1.1% on Friday, with technology and gold stocks leading the decline.

The Reserve Bank of Australia is expected to raise interest rates on Tuesday, joining a long list of central banks now expected to tighten policies at a much faster pace than previously thought to tame surging inflation, a Reuters poll found.

Australian consumer prices surged at the fastest annual pace in two decades last quarter, likely prompting the central bank to move towards normalisation but as a consequence sparking fears of an economic slowdown.

Among losers on the benchmark, technology stocks .AXIJ dropped 3.5% after their U.S. peers fell sharply at the end of last week as the biggest surge in monthly inflation since 2005 spooked investors already worried about rate hikes.

ASX-listed shares of Block Inc (SQ2) lost 3.5%, while Xero Ltd (XRO) dived more than 4%.

Financials .AXFJ sank 1%, with the "Big Four" lenders losing between 0.5% and 1%.

National Australia Bank (NAB) lost up to 1.1% as the lender entered a deal with the country's financial crime regulator to address concerns around suspected serious breaches of anti-money laundering and counter-terrorism laws.

Miners .AXMM dropped 1.4%, with BHP Group (BHP) , Rio Tinto (RIO) and Fortescue Metals Group (FMG) down between 0.5% and 1.4%.

Meanwhile, Qantas Airways (QAN) jumped up to 4.4% as the carrier signed a landmark deal with Airbus SE AIR.PA to buy 12 A350-1000 planes capable of the world's longest commercial flights from Sydney to London.

Gold stocks .AXGD fell almost 2% as bullion prices dipped on pressure from elevated U.S Treasury yields.

New Zealand's benchmark S&P/NZX 50 index (nz50) was down 0.5% to 11,822.76.