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Among the banks, number three lender Westpac Banking rose initially, but ended down 0.5 percent at A$24.31.
Westpac reported a small fall in first-quarter cash earnings, in a less impressive showing than its bigger rivals Commonwealth Bank of Australia and National Australia Bank.
Top brewer Foster's Group outlined a long-awaited plan to spin off its wine business after reporting a worse than expected 5.6 percent fall in first-half profit.
In Singapore, the Straits Times Index fell over a percent on Tuesday as investors locked in gains from the previous trading session and as funds continue to flow out of emerging markets over inflation concerns.
Shares of commodities firm Olam International fell as much as 3 percent after merger talks between the firm and top flight commodity group Louis Dreyfus failed.
But Olam reported on Monday a better-than-expected 8.5 percent fall in second quarter net profit to S$145.4 million ($113.4 million), as higher commodity prices and margins helped offset a decrease in one-time gains.
Indian markets saw choppy trade. The Sensex reversed early gains to trade down 0.1 percent.
Reliance Communications fell as much as 2.3 percent after it reported a 57-percent drop in quarterly profit, its sixth straight quarter of profit fall, hit by lower call prices and costs from its heavy debt burden.
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