The Australian stock market has continued to fall in noon trade, pulling back from yesterday's five-year highs which followed the US Federal Reserve's surprise decision to maintain its stimulus program.
At 1205 AEST, the benchmark S&P/ASX200 index fell 0.36 per cent to 5,276.5 points, while the broader All Ordinaries index was 0.37 per cent lower at 5,269 point.
Wall Street, which had also rallied on the decision, fell back overnight.
IG analyst Evan Lucas said "shock" was too strong a word to describe the surprise decision to leave quantitative easing in place.
"We would call it 'unanticipated'," he said.
"There was plenty of data suggesting it was a possibility.
"Market memories are short these days and we have had 24 hours of Fed bashing, having seen most investors positioning themselves for taper and getting burnt fingers."
In economic news, business spending bounced in August, according to the latest Commonwealth Bank Business Sales Indicator.
In equities news, Sydney Airport released its latest traffic report.
The market yesterday hit a five year high after the US central bank decided to continue its stimulus program.
The benchmark S&P/ASX200 index added 57.4 points, or 1.1 per cent, to 5,295.5 and the broader All Ordinaries index gained 58.2 points, or 1.1 per cent, to 5,288.6.