At 16.15 (AEST) on Monday, the benchmark S&P/ASX200 index was down 70.2 points, or 1.7 per cent, at 4128.9, while the broader All Ordinaries index was down 71.4 points, or 1.7 per cent, at 4159.2.
On the ASX 24, the September share price index futures contract was down 76 points at 4,089, with 33,902 contracts traded.
Octa Phillip director of equities Andrew Sekely said the local market had suffered one of its biggest one-day falls in recent months due to debt fears in Europe and a local report about the end of Australia's mining boom.
"It's a combination of overseas influences and negative comments coming out of Europe and the local press," Mr Sekely said.
US stocks fell around one per cent on Friday, following renewed concerns about Spain after its borrowing costs rose past the mark which is considered too high to be sustainable.
Just as European ministers approved a rescue of Spain's troubled banks, the region of Valencia revealed it would become the first to tap a new fund designed to provide liquidity to the country's 17 semi-autonomous regions.
And locally, a Deloitte Access Economics report found the mining boom was about to peak and an economic slowdown would be inevitable.
Woolworths was one of the only local stocks to buck the downward trend, beating expectations to lift its sales by 4.7 per cent to $56.7 billion in the 2012 financial year.
|Woolworths shares were 27 cents higher at $27.89.
Shares in the mining giants were all substantially lower after the Deloitte report came out.
BHP Billiton was 81 cents lower at $30.55, Rio Tinto was $1.87 lower at $51.52 and Fortescue was down 31 cents to $4.05.
The four major banks were all weaker.
Westpac was 30 cents lower at $22.55, ANZ lost 25 cents to $22.82, National Australia Bank was down 30 cents to $23.69 and Commonwealth Bank 38 cents lower at $54.74.
National turnover was 1.36 billion securities worth $3.2 billion, with 245 stocks up, 653 down and 347 unchanged.
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