Oil Search Valuation & Target Price, page-45

Energy, Banks and Minerals forms major part of Australian Index.
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Dow Jones is made of top 30 US listed companies only, only 10% of Dow Jones is Energy Index while in Australia Energy and Mineral probably makes almost 30 to 40% of entire index (I have not checked the figures). That's why when Oil & Iron Ore goes down even a dollar together, our market get rattled.
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Yes I agree, we are loosely linked to Dow Jones but lots of Index Fund Manager do follow DOW Jones & other international market so they trades accordingly.