The Australian sharemarket has fallen to a seven week low as oil prices weigh heavy on miners and industrial companies.

Financial stocks, which suffered sharp losses after changes to negative gearing and capital gains tax were announced in the budget, bounced higher.

The Australian sharemarket has fallen at the open as higher oil prices and growing inflation concerns sent a shiver through the bond market over the weekend.

Australian markets are set to begin the week in negative territory, with ASX 200 futures pointing to a drop of around 0.1 per cent on Monday after both US indexes fell sharply…

The Australian sharemarket has fallen to a seven week low as oil prices weigh heavy on miners and industrial companies.