The Australian share market has reversed two days of strong gains, after the US Federal Reserve raised concerns about continuing its stimulus measures this year.
Midway through the session, the All Ordinaries index was down 22 points to 4,739 just before 1:00pm (AEDT).
The ASX 200 index had shed 21 points to 4,719.
The major mining stocks are lower despite the spot price of iron ore hitting a 15-month high of $US150 a tonne in China overnight.
Rio Tinto had slipped 1.3 per cent and Fortescue Metals had lost 2.8 per cent.
Media stocks are doing well - Fairfax had lifted another 2.3 per cent, building on recent strong gains, and the Ten Network was 1.8 per cent higher.
Market heavy weight Telstra was worth $4.48, flat on the day after recent solid gains.
The Australian dollar was buying 104.5 US cents.