At 1206 AEST, the benchmark S&P/ASX200 index was down 41.7 points, or 0.91 per cent, at 4,561.2 points, while the broader All Ordinaries index had fallen 40.1 points, or 0.86 per cent, to 4,634 points.
On the ASX 24, the September share price index futures contract was 52 points lower at 4,535 points, on volume of 17,652 contracts.
The local market opened about 0.7 per cent lower and extended losses through the morning, underperforming a mixed lead from Wall Street.
Bell Potter senior adviser Stuart Smith said the issue of whether US legislators would reach a deal on raising the government's debt ceiling and avoiding a default was the focus among market players at the start of the trading week.
We are coming down to the wire," Mr Smith said.
"Will they play this right to the end or will common sense prevail? That's my question."
Among the poorer performing sectors was energy stocks, down 1.63 per cent according to Iress data, while financials stocks had backpedalled 1.1 per cent.
Industrials, another big market contributor, was off 1.09 per cent.
The spot price of gold in Sydney was $US1,612.10 per ounce, up $US23.36 from Friday's local close of $US1,588.74 per ounce.
Gold stocks were up 0.88 per cent, Iress data showed and Newcrest Mining was the best-performer on the S&P/ASX20 having climbed 1.4 per cent, or 56 cents, to $40.58.
The big miners were lower. BHP had fallen 27 cents to $43.16 and Rio had slipped 55 cents to $81.95.
On Wall Street on Friday, the Dow Jones Industrial Average eased 0.34 per cent, but the S&P500 climbed 0.09 per cent and the NASDAQ advanced 0.86 per cent.
Meanwhile, US futures contract prices for oil, gold and copper, among other commodities, settled firmer.
Mr Smith said it was a "brilliant buying opportunity here in Australia right now".
"The fundamentals are good," he said.
Making news today, Premier Retail said it expected sales to rise 2.4 per cent during the second half of fiscal 2011, adding that the future was "bright" despite challenging trading conditions.
Premier was down 13 cents, or 2.45 per cent, at $5.18.
The broader consumer discretionary sector was down 0.64 per cent, according to Iress data.
Beef producer Australian Agricultural Company (AACO) said it was maintaining full year earnings guidance on the sale of a cattle breeding property despite booking a first half loss. AACO was up half a cent at $1.415.
National turnover was 1.2 billion shares, worth $2.5 billion, with 321 shares up, 577 down, and 359 trading steady.
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