At 11:02 (AEST), the benchmark ASX 200 index was down 16.40 points or 0.24 percent at 6,822.80, while the broader All Ordinaries index was down 17.60 points or 0.25 percent at 7,093.20.
U.S. markets were mixed on Tuesday. The S&P 500 index eased a 1.80 percent drop after U.S. Fed Chair Jerome Powell relieved some of the concerns about higher interest rates and inflation.
The S&P 500 index and the Dow Jones index both rose by 0.10 percent, but the Nasdaq index lost 0.50 percent.
On the local bourse, heavyweights materials and financials were down 1.35 percent and 0.36 percent respectively. Information technology also suffered, which fell 1.68 percent.
In the financial space, the big banks were mixed with Commonwealth Bank up (0.16 percent), National Australia Bank up (0.36 percent), Westpac Bank down (0.54 percent) and ANZ up (0.11 percent).
Mining stocks slumped with BHP down (1.55 percent), Rio Tinto down (1.49 percent), Fortescue Metals down (0.85 percent), and gold miner Newcrest down (1.53 percent).
The country's oil and gas producers were mixed with Oil Search down (0.81 percent), Santos up (1.26 percent) and Woodside Petroleum up (0.08 percent).
Australia's largest supermarkets rallied with Coles up (0.57 percent), and Woolworths up (0.61 percent).
Meanwhile telecommunications giant Telstra slumped (2.63 percent), the national carrier Qantas surged (1.49 percent) and biomedical firm CSL lifted (0.17 percent).
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