Australian shares drop back to two-week low

The mining, consumer staples and property sectors have all fallen more than one per cent. (Dan Himbrechts/AAP PHOTOS)

The local share market has dropped to a two-week low after finishing back under the key resistance level of 7,000.

After a fairly quiet morning, losses for S&P/ASX200 accelerated on Monday afternoon as US futures pointed to a weak open on Wall Street, with Australia's benchmark index closing down 53.2 points, or 0.75 per cent, to 6,987.6.