The Australian share market was lower in early afternoon trading, dragged down by subdued financial stocks after a flat close on offshore markets overnight.

The benchmark S&P/ASX200 index shed 10.9 points, or 0.24 per cent, at 4,555.6 points, while the broader All Ordinaries index had declined by 8.9 points, or 0.19 per cent, to 4,576 points.

Among major sub-indexes, financials fell 0.9 per cent, and industrials and materials both edged down 0.1 per cent.

The five worst performers on the S&P/ASX20 were all finance-related firms. Macquarie Group led the decline with the investment bank losing 1.35 per cent or 54 cents to $39.41.

NAB followed with 1.16 per cent, or 29 cents decrease at $24.90. CBA edged down 1.13 per cent, or 54 cents at $39.41, Westpac had slumped 1.13 per cent, or 60 cents to $23.58, and ANZ shed 0.95 per cent, or 22 cents to $22.99.

Some of the financial shares had suffered from the recent attention given to mining stocks, according to Shaw Stockbroking senior dealer Jamie Spiteri.

''I think there has been a bit more added attention given towards the resources in recent times,'' he said.

On Wall Street overnight, the Dow Jones Industrial Average edged down 0.05 per cent, the S&P500 shed 0.13 per cent and the Nasdaq declined by 0.46 per cent.