The Australian share market has suffered its worst drop in nearly two weeks amid worries about rising virus cases in Victoria and overseas and following a drop in US markets.

The benchmark S&P/ASX200 index closed Wednesday down 92.6 points, or 1.54 per cent, at 5,920.3 points, while the All Ordinaries index dropped 92.4 points, or 1.51 per cent, at 6,034.3.

The Australian dollar was buying 69.34 US cents, down from 69.52 US cents at the close of trade on Tuesday.