Despite the only modest decline, every sector is underwater except for the telcos.
The reason for this, of course, is the almost 5% jump in Telstra after the company reported better-than-expected full-year results.
The other big news today has been the surprise increase in the latest unemployment numbers.
The jobless rate rose from 4.9% to 5.1% last month, with employers growing more cautious about hiring full-time staff.
The numbers had a positive impact on the market, however, as they increase the likelihood that the RBA will cut interest rates to help support a slowing economy.
Around the region, Asian markets are mixed; the Hang Seng is down 1% whilst the Shanghai Composite is up 0.8%.