The local market skipped higher when the RBA announced another cut in official interest rates.
The ASX 200 lifted briefly from lows of about 5560 to around 5574 points.
However, a short time ago, the index was sliding at 5,547.30, down 40.09 points or 0.72%, dragged down by financial stocks.
The banks, which had earlier been in negative territory, firmed before slipping into the red again.
A short time ago, Westpac was down 0.6% to $30.91 and the ANZ 0.16% to $25.74.
The Commonwealth was the first bank to cut home loan rates but not by the full amount of 0.25 percentage points. The standard variable rate has been reduced by 0.13% to 5.22%.