The Australian share market market has opened flat as investors await the release of the Reserve Bank's interest rate decision and news from Greece and local earnings reports.
At 1010 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 6.8 points, or 0.16 per cent, at 4,289.2, while the broader All Ordinaries index was down 5.5 points, or 0.13 per cent, at 4,359.1.
On the ASX 24, the March share price index futures contract was down two points at 4,254, with 6,319 contracts traded.
CMC Markets chief market strategist Michael McCarthy said investors were holding back ahead of the Reserve Bank of Australia's (RBA) official interest rate decision at 1430 AEDT.
"The key issues for markets today in Australia will be the RBA interest rate decision and then, over the next few days, any announcements out of Greece on their restructuring of their debt and commitment of the political parties to the austerity required to receive bailout funds," Mr McCarthy said.
"There are a lot of reasons for investors to be sitting on the sidelines and waiting and watching to see what these key events will mean for markets."
The RBA on Tuesday is widely expected to cut the official interest rate by 25 basis points.
The futures market has now priced in a 60 per cent chance of a rate cut.
Despite a pick-up in share volumes, Mr McCarthy said he expected the market would remain flat in morning trade.
Greece's coalition government has caved in to demands to cut public service jobs, announcing 15,000 positions will go this year, amid mounting international pressure to agree on austerity measures needed to secure major new debt agreements.
The local company reporting season is now in full swing, with BHP Billiton, Rio Tinto, News Corp, Telstra Corp and Newcrest Mining announcing their financial results.
In the resources sector on Tuesday, global miner BHP Billiton, which releases its half-year results on Wednesday, was 15 cents lower at $38.06.
At 1015 AEDT Rio Tinto had fallen 35 cents to $71.95.
On Tuesday, National Australia Bank (NAB) said its cash earnings in the first quarter of its fiscal year are up eight per cent but the bank says higher funding costs are impacting on its business.
NAB shares fell 58 cents, or 2.8 per cent to $23.49.
Elsewhere in the financial services sector, ANZ shares were 10 cents, or 0.47 per cent, lower at $21.23, Commonwealth Bank of Australia shares were nine cents, or 0.18 per cent, higher at $50.93 while Westpac shares were five cents, or 0.24 per cent, higher at $21.08.
Toll road operator Transurban reported its first-half profit had grown by 25 per cent as toll revenues and traffic numbers increased.
Transurban shares were eight cents higher at $5.60.
Macquarie Group said its full-year net profit was expected to fall by as much as 25 per cent amid difficult trading conditions. Its shares were 98 cents lower at $25.12.
Meanwhile, Cochlear said it had suffered a $20 million loss in the first half of its financial year after a mass recall of one its most popular bionic ear devices. Its shares were $1.91 higher at $25.12.
And Leighton Holdings subsidiary Thiess has won a $1 billion mining contract to extend the life of OZ Minerals' Prominent Hill copper and gold mine. Leighton shares rose 18 cents on the news to $24.43.
Around a third of local stocks opened higher, one third were lower while the remaining shares were unchanged.
