The Australian share market has closed lower, with losses by the big four banks outweighing gains by the big miners.

At the close on Thursday, the benchmark S&P/ASX200 index was 20.4 points, or 0.37 per cent, lower at 5,442.7, while the broader All Ordinaries index was down 19.5 points, or 0.36 per cent, at 5,423.5, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 33 points lower at 5,455, with 22,758 contracts traded.