The Australian share market has closed higher, with the big banks offsetting falls among the miners.

At the close on Monday, the benchmark S&P/ASX200 index was 26.5 points, or 0.45 per cent, higher at 5,908.0, while the broader All Ordinaries index was up 26.8 points, or 0.46 per cent, at 5,872.4, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 19 points higher at 5,864, with 17,813 contracts traded.