The Australian share market has closed higher, its third straight day of gains, underpinned by the banks and big miners.

At the close on Thursday, the benchmark S&P/ASX200 index was 47.0 points, or 0.88 per cent, higher at 5,368.8, while the broader All Ordinaries index was up 44.2 points, or 0.83 per cent, at 5,345.4, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 40 points higher at 5,376, with 24,383 contracts traded.