Australian markets close weaker on Monday's trade

Australia's market struggled for direction amid an elusive resolution of the Greek debt negations, finishing slightly weaker in a day of volatile trade.

The benchmark S&P/ASX200 index closed 0.34 percent down to 5, 473.2 points, while the broader All Ordinaries index fell 0.32 percent, to 5,460.4 points.

Australia's banking regulator released research this morning recommending Australia's banks lift their capital reserve levels by about one-sixth in order to meet a key recommendation of the Financial Systems Inquiry, however financial stocks only fell 0.49 percent suggesting the recommendation had been factored in for some time.

"It's pretty clear the banks will be required to hold more capital, but APRA has signaled the willingness to take a pragmatic approach and be less rigid than the Murray review suggested," CMC Markets chief market analyst Ric Spooner told reporters. "It doesn 't appear to have had too much impact on markets."

ANZ fell 1.09 percent, the Commonwealth Bank of Australia slipped 0.71 percent, Westpac dropped 0.42 percent and the National Australia Bank fell 0.57 percent.

Despite the offshore rally in commodity prices overnight, Australia's miners finished 0.82 percent weaker.

BHP Billiton fell 0.9 percent while rival Rio Tinto dropped 1. 04 percent.

The energy markets suffered too, falling 1.92 percent, with Santos dropping 1.84 percent and Woodside Petroleum down 0.98 percent. Endi