At closing bell, the benchmark S&P/ASX200 declined 22.39 points, or 0.31%, up at 7,270.20. The broader All Ordinaries fell 20.35 points, or 0.27%, to 7,521.99.
Banks ended broadly lower, with National Australia Bank closing at a nearly three-week low. The rest of the "Big Four" banks also closed in the red.
Shares of major miners were a bright spot, with BHP, Fortescue Metals Group and Rio Tinto rose in-between 0.5% to 1%. Mining services provider Perenti Global lost 2.2% after it won a US$496m contract from Sandfire Resources.
Australia's biggest supermarket chain Woolworths shed 1.9%, after reports that an independent review found failings by the firm over its plan to build a liquor store near alcohol-free communities in Darwin.
ECONOMIC NEWS: Australia Westpac Consumer Confidence Retreats In June - Australia consumer confidence ebbed in June with an index score of 107.2, the latest survey from Westpac Bank and the Melbourne Institute showed on Wednesday. That's down 5.2% from the May reading, which saw the index slip 4.8% to 113.1. This two-month decline can be mainly attributed to a combination of a statistical correction following a very strong surge in April to an 11-year high, the bank said - as well as some disappointment around the budget given high expectations leading into the announcement.
CURRENCY NEWS: The Australian dollar changed hands at $0.7752 following an earlier low of $0.773.
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