The Australian share market fell to its lowest point in almost a year on Wednesday as investors fretted over the weak US economy. At the close, the benchmark S&P/ASX200 index had fallen 100.8 points, or 2.27 per cent, to 4,332.8 points while the broader All Ordinaries index was down 102 points, or 2.26 per cent, at 4,408.3 points.

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On the ASX 24, the September share price index futures contract had dumped 102 points to 4,293 points, with 46,355 contracts traded. US stocks fell heavily overnight as poor economic data overshadowed a congressional deal to raise the country's debt ceiling and avoid default. The benchmark Dow Jones Industrial Average fell 2.2 per cent. Retail spending fell by 0.1 per cent in June, according to figures from the Australian Bureau of Statistics.

In the resources sector, global miner BHP Billiton dumped $1.42, or 3.42 per cent, to $40.15, while Rio Tinto retreated $2.45, or 3.06 per cent, to $77.60. Among the major banks, National Australia Bank lost 77 cents to $23.20, Westpac shed 27 cents to $20.10, ANZ was off 53 cents at $20.29 and the Commonwealth Bank surrendered 87 cents to $48.55.

In the gold sector, Western Australian miner Ramelius Resources was eight cents higher at $1.495 after it forecast a more than four-fold rise in full year gross profit on the back of soaring production and gold prices. The price of gold in Sydney was $US1,662.30 per fine ounce, up $US37.33 from $US1,624.97 at close on Tuesday.

Residential developer AVJennings was steady at 45 cents after it posted a 34 per cent lift in annual profit, but has flagged softening market conditions ahead. Preliminary national turnover was 2.35 billion shares worth $6.39 billion, with 921 stocks down, 212 up and 333 unchanged.

Sweeping risk aversion sent the Australian dollar sharply lower in Asian trade Wednesday as investors fret over the global economy and after weak domestic retail sales numbers fuelled bets for a rate cut in coming months. The Australian dollar was at $1.0747, down from $1.0925 late Tuesday and off a 30-year high of $1.1080 last week. Against the Japanese yen, the Australian dollar was at 82.885, down from 84.57.

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