Australian shares closed the week lower, tracking Asian markets, as investors expect US rate cuts to slow down next year.

The S&P/ASX 200 Index fell 0.4% or 34.3 points to close at 8,296.

While investors are still expecting the US Federal Reserve to cut interest rates during the Federal Open Market Committee meeting next week, they also expect the central bank to be cautious next year, Reuters reported.

In domestic news, Australian household spending rose in November as consumers took advantage of Black Friday-Cyber Monday sales,

with the CommBank Household Spending Insights Index (HSI) rising 1.3% to 156.9 in November, following a 0.8% advance in October.

In company news, Insignia Financial (ASX:IFL) received a non-binding indicative proposal from private equity firm Bain Capital to acquire the company for AU$4 per share. The company's shares rose 6% at market close.

Iress (ASX:IRE) will reinstate its dividends amid a more streamlined business, Chief Executive Marcus Price said. The company's shares rose 8% at close.

DigiCo Infrastructure REIT (ASX:DGT) received the Foreign Investment Review Board's approval for its acquisition of Global Switch SYD1 data centers.