The mining and energy sectors were the biggest losers, both closing down 1.4 per cent. -AAP Image
The local share market has fallen to a one-week low after a hawkish speech by the new Reserve Bank governor, as well as signs overseas interest rates might have to stay higher for longer.
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The benchmark S&P/ASX200 index on Thursday finished down 44.2 points, or 0.62 per cent, to 7,029.2, while the All Ordinaries dropped 43.7 points, or 0.6 per cent, to 7,234.1.
The Australian dollar was buying 65.55 US cents, from 65.30 US cents at Wednesday's ASX close.
