The Australian stock market was lower at noon after weak leads from global bourses as cautious investors see United States economic data pointing to tapering.
At 1215 AEST, the benchmark S&P/ASX200 index fell 0.4% to 5,221.7 points, while the broader All Ordinaries index slipped 0.38% to 5,218.2 points.
IG analyst Stan Shamu said the US market is "perhaps now content with the tapering notion".
Locally, he said it was expected that traders would get nervous today after reaching a fresh five-year high yesterday.
Materials were mostly lower.
BHP Billiton retreated 1.01% to $36.21, while Rio Tinto shed 1.56% to $63.20.
Fortescue Metals slipped 1.39% to $4.595.
Whitehaven Coal lost 2.49% to $2.155 while Newcrest retreated 3.11% to $11.85.
In the energy sector, Santos inched up 0.07% to $15.00, Oil Search rose 0.35% to $8.51 and Woodside fell 0.13% to $38.72.
In news on Friday, ANZ makes its monthly interest rate decision.
The market on Thursday hit another new five-year high, with the benchmark S&P/ASX200 index adding 8.1 points to 5,242.5 points and the broader All Ordinaries index gained 7.6 points to 5,238.2 points.