The Australian share market closed flat after weaker than anticipated September quarter growth figures and a negative US lead. The benchmark S&P/ASX200 index was up 2.2 points, or 0.05 per cent, at 4,586.6 points, while the broader All Ordinaries index added 0.4 points, or 0.01 per cent, to 4,676.8 points. On the ASX 24, the December share price index futures contract was six points higher at 4,599 points, with 32,022 contracts traded.

Australian Bureau of Statistics reported that that gross domestic product (GDP) rose by a seasonally adjusted 0.2 per cent in the September quarter, which was less than half that expected by market consensus. The result compared with an downwardly revised 1.1 per cent in the June quarter, and annual economic growth came in at 2.7 per cent instead of the expected 3.4 per cent. The Australian dollar fell half a US cent shortly after the data was released but soon made up the losss.

Banks and retailers weighed down the market, but miners were well supported on the back of stronger metals prices in London overnight. National Australia Bank finished down 15 cents at $23.30, Commonwealth Bank gained 24 cents to $48.52, ANZ inched one cent lower to $22.65, Westpac was eight cents firmer at $21.45 and Macquarie Group fell 52 cents, or 1.47 per cent, to $34.93.

Among retailers, Coles owner Wesfarmers gave up 10 cents to $31.36, Woolworths was 20 cents softer at $26.60, David Jones was down five cents, or 1.13 per cent, at $4.37 and Harvey Norman was one cent lower at $2.98.

In the mining sector, BHP Billiton was up 46 cents, or 1.08 per cent, at $43.20, Rio Tinto appreciated 89 cents, or 1.08 per cent, to $83.10 and Fortescue gained three cents to $6.35. Rio Tinto said it would spend $US1.2 billion to increase iron ore production at its operations in Western Australia's Pilbara region to 283 million tonnes per annum (Mtpa), from about 220 Mtpa currently.

Among energy stocks, Woodside was down 66 cents, or 1.57 per cent, at $41.29, Oil Search was steady at $6.83 and Santos eased five cents to $12.38. The spot price of gold in Sydney was $1,392.50 per fine ounce, up $26.85 on Tuesday's closing price of $1,365.65. Gold miner Newcrest was up four cents at $39.69.

In the headlines on Wednesday, figures released by Qantas show the airline was carrying more passengers than a year ago but revenue per seat was falling. Qantas shares were down two cents at $2.61. The best performing stock on the S&P/ASX 100 index was rare earths explorer Lynas Corporation, up 10 cents, or 6.41 per cent, at $1.66. The worst performing stock on this index was JB Hi-Fi, down 57 cents, or three per cent, at $18.40.

Beadell Resources was the most traded stock by volume, with 130.49 million shares worth $70.21 million changing hands. Beadell shares finished up five cents, or 8.93 per cent, at 61 cents, after announcing it had discovered high grade gold mineralisation in Western Australia. Preliminary market turnover reached 2.33 billion shares worth $4.46 billion, with 489 stocks up, 615 down and 371 unchanged.

The Australian dollar plumbed fresh two-month lows Wednesday weakened by disappointing third quarter economic growth, ongoing tensions on the Korean Peninsula and niggling doubts about Europe's outlook. The Australian dollar traded at $0.9595, down from $0.9612 late Wednesday. Against the Japanese yen, the currency traded at 80.095, from 79.89.