The Aussie market did not follow the positive lead provided by international markets, with concern still remaining over the Greek debt issue.
European leaders have warned Greece that they must agree to the terms of the bailout before they receive another cent.
Among the major banks, ANZ suffered a 2% fall after its full year cash profit missed expectations. Rival CBA fell 0.4% on the day.
There was little movement among the big miners, with BHP finished flat and Rio rising a modest 0.1%.
Bluescope Steel was the market's biggest loser, slumping 7.7% for the day.
News Corp's 1Q12 results beat market expectations and helped its share price rise 4.2%.
The ASX 200 fell 13 points (-0.3%) to 4172.