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Australia’s share market has closed marginally lower after the big banks proved too much of a weight on the indices.

The S&P/ASX200 benchmark index closed lower on Monday by 1.7 points, or 0.03 per cent, at 5926.1 points, while the All Ordinaries index closed lower by 4.4 points, or 0.07 per cent, at 6053.9.

The Australian dollar was buying 71.30 US cents at 1615 AEST, lower from 72.22 US cents at Friday’s close.