The Australian sharemarket suffered on Monday as the big four banks sold off in tandem with the major resources stocks, which were battered after iron ore and oil prices sunk over the weekend. The benchmark S&P/ASX 200 Index lost 74 points, or 1.2 per cent, on Monday to 5846.1 points, while the broader All Ordinaries Index dipped 1.2 per cent to 5816.3 points, with oil, gas, and iron ore producers slugged the hardest.