The Australian share market has opened sharply lower, dragged down by the big four banks and the energy sector on the back of a steep slump in commodity prices.

At 1035 AEST on Monday, the benchmark S&P/ASX200 index was down 49.5 points, or 0.86 per cent, at 5,673.3, while the broader All Ordinaries index was down 47 points, or 0.81 per cent, at 5,724.2.

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