Jeez there is some serious scare mongering in this thread, especially regarding superannuation and investments.
If you don't need your money (i.e., aren't nearing retirement, or in retirement), the absolute worst thing you can do right now is switch to a lower risk investment option. Any losses you saw on paper will be crystallised by doing so - a self-fulfilling prophecy.
This is a market correction in a long line of previous market corrections and one that was probably due to happen anyway. Ride it out if you are able, the market will bounce back - it always does.
Perfect opportunity to buy some cheap blue chip shares or units in a
high growth managed fund.