The Australian share market fell at Friday's open.

The ANZ bank was the major factor, falling to its lowest share price in more than six years.

At the official market open, the benchmark S&P/ASX200 index fell 81.9 points, or 1.46 percent, to 5528.2 points, while the broader All Ordinaries index lost 76.1 points, or 1.36 percent, to 5524 points.

Financials weighed most heavily on the market, losing 2.28 percent overall.

ANZ lost 7.37 percent, the Commonwealth Bank fell 1.92 percent, the National Australia Bank fell 1.73 percent and Westpac 2.45 percent.

Consumer staples also dropped 0.81 percent.

Woolworths slipped 0.28 percent, while Wesfarmers was down 1.09 percent.

Miners BHP Billiton lost 0.3 percent while Rio Tinto gained 1. 42 percent.

Meanwhile, Qantas fell 0.26 percent and Telstra .78 percent.