Prices for gold, silver, copper and oil prices were higher, helping to buoy the local resources sector.
At 10.18am (AEDT) the benchmark S&P/ASX200 was 7.1 points lower at 3,473.1, while the broader All Ordinaries lost 5.2 points to 3411.6.
Among the major miners, BHP was up $1.20 at $32.45 and Rio Tinto gained $1.50 to $46.99.
The major banks were weaker.
Commonwealth Bank lost 90 cents, or 2.65 per cent, to $33.10, National Australia Bank fell 37 cents to $19.12, ANZ reversed 20 cents to $14.56 and Westpac was down 18 cents at $18.02.
In the US on Thursday, Wall Street shares fell as concerns emerged that the Federal Reserve's new bond-buying campaign could wind up hurting the dollar and causing inflation.
Banking and other financial shares pulled the market lower, but energy stocks got a boost from soaring crude oil prices, which surged above $US50 a barrel.
The Dow Jones Industrial average fell 85.78, or 1.2 percent, to 7,400.80.
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