The Australian share market has closed flat after the Reserve Bank dropped the official interest rate amid indications the cut might be its last for a while.

At the close on Tuesday, the benchmark S&P/ASX200 index was one point, or 0.02 per cent, lower at 5,826.5, while the broader All Ordinaries index was up 0.3 points, or 0.01 per cent, at 5,816.2, according to preliminary figures.

On the ASX 24, the June share price index futures contract was four points higher at 5,810, with 38,143 contracts traded.