The Australian share market has closed higher, despite the big four banks weighing on the broader market.

At the close on Wednesday, the benchmark S&P/ASX200 index was 7.6 points, or 0.14 per cent, higher at 5,518.9, while the broader All Ordinaries index was up 8.8 points, or 0.16 per cent, at 5,504.5, according to preliminary figures.

On the ASX 24, the September share price index futures contract was 11 points up at 5,472, with 21,413 contracts traded.