Nov 2 (Reuters) - Australian shares edged lower on Monday as miners' losses outweighed bank gains, with investors bracing for a possible fifth rate hike this year. The S&P/ASX 200 index fell 0.2% to 8,894.10 by 2343 GMT. The benchmark rose 1.3% last week. Miners fell 1.5%, as sector heavyweights came under pressure from the recent weakness in iron ore and copper prices. BHP slid 1.3%. Rio Tinto fell 1.4%, extending Friday's losses after it reported that a seismic event temporarily disrupted underground mining at its Oyu Tolgoi copper mine in Mongolia.