The Australian share market has opened more than one per cent lower.

At 1013 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 62.4 points, or 1.23 per cent, at 4,993.4, while the broader All Ordinaries index was down 60.6 points, or 1.19 per cent, at 5,012.1.

On the ASX 24, the March share price index futures contract was down 62 points at 4,980, with 9,299 contracts traded.