The Australian share market has opened weaker, with falls in banking stocks outweighing gains from miners.

At 1015 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 3.1 points, or 0.06 per cent, at 5,114.8, while the broader All Ordinaries index was down 2.4 points, or 0.05 per cent, at 5,126.2.

On the ASX 24, the March share price index futures contract was up three points at 5,117, with 12,468 contracts traded.