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The Australian share market has dipped in the final minutes of trade to close lower, with the banking sector suffering the most after an APRA suggestion to suspend their dividends and a downgrade to their credit ratings.

The S&P/ASX200 benchmark index finished Wednesday down 45.4 points, or 0.86 per cent, at 5,206.9 points, while the broader All Ordinaries index shed 42.5 points, or 0.8 per cent, to 5,258.8.

The Australian dollar was buying 61.30 US cents, down from 61.84 US cents at the close of markets on Tuesday.