The local share market continues to trim earlier gains, made following positive comments from US political leaders about avoiding the fiscal cliff.
The All Ordinaries was just a 0.2 per cent higher at 4,367, and the ASX 200 had made a similar modest gain, up 8 points to 4,345 by 1:10pm (AEDT).
The major bank stocks are weighing on the market, with NAB the only one of the big four remaining in positive territory, the rest seeing losses of at least 0.3 per cent.
Rio Tinto was also giving back morning gains, falling 0.6 per cent as investor confidence faded.
However, BHP Billiton was up 0.9 per cent.
The Australian dollar was gaining against the greenback, buying 103.7 US cents.