AAP

The Australian share market has been unable to sustain its morning gains, closing lower for its fifth straight session.

The local bourse has closed lower for the sixth session in the past seven as traders digest the possibility of a supersized US rate hike overnight.

The local share market has suffered its worst losses since 1 May 2020, and is now down 7.3 per cent in June.

The local share market has closed at its lowest level in 14 months following three sharp declines in the past four days.

It's been another brutal day for Australia's banks and non-bank mortgage lenders, with the financial sector on track for its worst week since March 2020.

Energy sector players have broadly backed plans by federal, state and territory governments to work together to stabilise Australia's power sources.

National Disability Insurance Scheme Minister Bill Shorten says the agency's chief will step down ahead of a new head being confirmed in the coming months.

Confidence has dropped to its lowest level since mid-August 2020 as cost of living pressures mount, not helped by an expected further rise in interest rates.

The government will consider using whatever mechanisms are available to counter constrained gas supply on the east coast as price hikes begin to bite.