The Australian share market has closed almost 1.5 per cent lower, capping off a bad week and worse month for local shares.

At the close on Friday, the benchmark S&P/ASX200 index was 74 points, or 1.4 per cent, lower at 5,214.6, while the broader All Ordinaries index was down 70.7 points, or 1.34 per cent, at 5,224.8.

On the ASX 24, the September share price index futures contract was 70 points lower at 5,166, with 42,642 contracts traded.