The Australian share market has closed lower, dragged down by the big banks in a choppy trading session.

At the close on Friday, the benchmark S&P/ASX200 index was 22.7 points, or 0.38 per cent, lower at 5,881.5, while the broader All Ordinaries index was down 24.2 points, or 0.41 per cent, at 5,845.6, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 21 points lower at 5,850, with 18,789 contracts traded.