Australia shares falls on miners, eke out gain for week

Fri May 9, 2014 2:18am EDT

(Updates to close)

SYDNEY May 9 (Reuters) - Australian shares fell 0.3 percent on Friday, hurt by losses in mining stocks and as investors braced for next week's government budget, which is widely expected to unveil a series of spending cuts.

The S&P/ASX 200 index lost 16 points to 5,460.8 at the close of trade, and eked out a minor gain of 0.1 percent for the week. The benchmark climbed 0.8 percent on Thursday.

New Zealand's benchmark NZX 50 index lost 0.2 percent or 8.7 points to finish the session at 5,152.7. (Reporting by Thuy Ong; Editing by Kim Coghill)