The Australian share market has closed slightly lower, with gains by the big miners offset by falls by the big banks.

At the close on Wednesday, the benchmark S&P/ASX200 index was 4.9 points, or 0.09 per cent, lower at 5,447.7, while the broader All Ordinaries index was down 2.9 points, or 0.05 per cent, at 5,431.1, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 21 points lower at 5,427, with 23,170 contracts traded.