SYDNEY, AAP – Australia’s share market closed lower despite the Reserve Bank keeping rates at a record low and insisting they could remain low for three years.

The S&P/ASX200 benchmark index closed lower by 27.3 points, or 0.4 per cent, to 6762.3 on Tuesday.

The All Ordinaries closed lower by 32.8 points, or 0.47 per cent, at 7009.9.

The indices were higher early, but fell throughout the day.

The Reserve Bank decision to maintain the cash rate at 0.1 per cent, and keep borrowing costs low, did not lead investors to buy more shares.

The Australian dollar was buying 77.55 US cents at 1617 AEDT, higher from 77.48 US cents at Monday’s close.