The Australian market finished flat on Thursday, marginally lower with the financial sector weighing heavy on the index.

At the close of trade, the benchmark S&P ASX/200 index fell 4.50 points or 0.08 percent at 5,758.80, while the broader All Ordinaries index was down 3.50 points or 0.06 percent at 5,797.50.

Although some sectors, like healthcare and resources performed strongly, the overnight fall in oil prices resulted in weakness in Australia's energy sector and sell-offs in banking stocks.

The Commonwealth Bank sank 0.75 percent, Westpac Bank dropped 0.93 percent, ANZ slid 0.55 percent and National Australia Bank lost 0.33 percent.

BHP gained 0.62, Rio Tinto dived 1.29 percent, Fortescue Metals plummeted 1.50 percent and Newcrest Mining rallied 1.52 percent.

Woodside Petroleum added 0.23 percent, Santos slumped 1.30 percent and Oil Search plunged 1.34 percent.

Wesfarmers lifted 1.04 percent and Woolworths dipped 0.27 percent.

Telstra weakened 0.91 percent, CSL soared 1.48 percent and Qantas edged 0.17 percent higher.