The Australian share market has closed lower, pulled down by the banking sector, particularly the CBA and ANZ banks.

At the close on Tuesday, the benchmark S&P/ASX200 index was 30.5 points, or 0.52 per cent, lower at 5,858.2, while the broader All Ordinaries index was down 27.2 points, or 0.46 per cent, at 5,822.3, according to preliminary figures.

On the ASX 24, the March share price index futures contract was one point lower at 5,821, with 17,246 contracts traded.