The Australian share market has closed lower, falling more than one per cent as Russia announces trade sanctions and the US considers airstrikes on Iraq.

At the close on Friday, the benchmark S&P/ASX200 index was 73.7 points, or 1.34 per cent, lower at 5,435.3, while the broader All Ordinaries index was down 71.1 points, or 1.29 per cent, at 5,429.6, according to preliminary figures.

On the ASX 24, the September share price index futures contract was 73 points lower at 5,376, with 43,402 contracts traded.