Aussie shares finish higher as banks rally, miners fall

Australia's resource stocks have tumbled, wiping out gains made by banks on the back of job cuts. (Bianca De Marchi/AAP PHOTOS)

Australian shares have edged higher after a woeful day for miners was eclipsed by strength in the banks and other sectors.

The benchmark S&P/ASX200 closed 26.9 points higher on Wednesday, up 0.31 per cent to 8,830.4, as the broader All Ordinaries rose by 14.5 points, or 0.16 per cent, to 9,095.2.