The Australian share market has fallen in afternoon trade as investors digested the latest GDP figures, and Wall Street retreated from its record levels.

The ASX 200 was down 0.6 per cent to 7,493 points (by 12:00pm AEST).

Most stocks on the benchmark index traded lower, including Reliance Worldwide (-3.9pc), Blackmores (-6.6pc), Reece (-4.6pc), Pro Medicus (-3.3pc) and ALS (-3.2pc).

On the flip side, shares in G8 Education (+3pc), Flight Centre (+4.3pc), Skycity Entertainment (+2.6pc), Alumina (+2.8pc), InvoCare (+2.4pc) and South32 (+2.2pc) posted strong gains.

The Australian dollar had risen to 73.2 US cents (up 0.3 per cent).

Meanwhile, the latest ABS figures showed Australia's economy performed better-than-expected in the June quarter.

The nation's quarterly GDP rose by 0.7 per cent, with lockdowns having very little impact on the numbers.

The Bureau of Statistics noted that NSW announced its prolonged "stay at home orders" in late June.

But economists say the next set of results, for the September quarter, will show a huge contraction and some are even warning of a "double dip" technical recession.

On US markets overnight, stocks seesawed near their break-even point overnight, with the Nasdaq Composite practically flat at 15,259.

The Dow Jones index lost 0.1 per cent (to 35,361 points), while the broader S&P 500 fell by 0.1 per cent (to 4,523).

Overall, the S&P index rose 2.9 per cent in August, its seventh consecutive monthly gain, while the Dow and Nasdaq gained 1.2 and 4 per cent respectively during the month.

Spot gold lifted to $US1,813.92 per ounce (up 0.2 per cent), and Brent crude oil futures fell to $US72.96 a barrel (down 0.6 per cent).

ABC/Reuters