The Australian share market ended lower on the last trading day before Christmas as strong US data reignited fears of more steep rate hikes by the US central bank.

Oil firms floundered on weaker overnight oil prices, even though Brent crude rose during the day on expectations of a drop in Russian crude supply.

Even though alot of traders were on holiday, there was still alot of company news around.

Gaming giant Star Entertainment (-4.8 per cent) fell after it said it would assess the impact of New South Wales plans to increase casino taxes.

It will also pay a $100 million fine imposed by NSW authorities for allowing money laundering and crime at its casinos, in three instalments next year.

Petroleum explorer and takeover target Warrego Energy (-4.6 per cent) also lost ground as suitors Hancock Energy and Strike battle it out for control of the firm.

And food chain Retail Foods (+10.1 per cent) rose after it agreed to pay $10 million to settle a misleading representation case taken by the Australian Competition and Consumer Commission.

The ACCC alleged the company sold Michel's Patisseries franchises to people knowing they were operating at a loss.

Retail Foods owns chains like Donut King and Gloria Jeans.

Graphite miner Syrah Resources (+2.2 per cent) gained after Tesla increased its order for battery making material.