Australian shares fall as investors heed bank warnings

Australia's share market has closed lower amid warnings the economy could be slowing down. (Paul Braven/AAP PHOTOS)

Australian shares have retreated from near all-time highs, after solid earnings from the Commonwealth Bank failed to allay broader economic fears.

The S&P/ASX200 dropped 41.2 points on Wednesday, down 0.45 per cent, to 9,209.4, as the broader All Ordinaries fell 39 points, or 0.41 per cent, to 9,404.7.