Australian shares ended flat on Friday and capped off the week with declines as another poor performance by the banks kept a lid on the market.

The S&P/ASX 200 index ended barely changed at 5,664.7. On the week, the benchmark index shed 1.2 per cent.

All the big four banks ended in the red led by a 0.54 per cent fall in Commonwealth Bank. They have dropped more than 10 per cent in the past few weeks on concerns about their earnings outlook.

Commonwealth Bank and ANZ have dropped by around 14 per cent from their all-time highs set in late March-early April. Shares in Westpac have slid nearly 20 per cent from a record high set in April.

"None of the banks have confirmed a solid floor yet, but it is clearly approaching. Be ready for a bounce that should see the ASX back in the green as well," said Evan Lucas, strategist at IG.

"The issue as I see it is fundamentally based on current estimates, the big four banks still appear to be offering a premium price."

Faring better on Friday were mining and energy shares - although miners were choppy - thanks to an overnight rebound in oil and iron ore prices.

Mining giant Rio Tinto gained 0.1 per cent, while BHP Billiton put on 0.3 per cent.

New Zealand's benchmark NZX 50 index edged up 0.1 per cent or 6.8 points to 5,776.0. On the week, the index rose 0.3 per cent.

Pay television operator Sky TV was up 2.7 per cent to a six-month high, with investors seen picking the stock on attractive-looking price and yield.

Retirement village operator Ryman Healthcare climbed 0.4 per cent after reporting a solid lift in full year profit, while Fisher and Paykel Healthcare was up 0.5 per cent ahead of next week's result.

The Fonterra Shareholders Fund, an investment fund based on the dividends of the dairy giant, rose 0.5 per cent, pulling away from a lifetime low set earlier this week.

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