The Australian sharemarket has fallen for a sixth consecutive session, following one per cent falls in banking stocks.

At the close on Wednesday, the benchmark S&P/ASX 200 index was down 38.1 points, or 0.7 per cent, at 5407.3, while the broader All Ordinaries index had fallen 34.8 points, or 0.64 per cent, at 5411.4, according to preliminary figures.

On the ASX 24, the September share price index futures contract was down 40 points at 5402 with 117,000 contracts traded.