Australian shares eased on Wednesday, with bank shares still under pressure a day after the Reserve Bank of Australia disappointed the market by not cutting interest rates.

The benchmark S&P/ASX 200 index fell 30.3 points or 0.5 per cent to 5,903.60 by 0438 GMT, extending Tuesday’s 0.4 per cent decline.

The banking sector was the biggest drag on the index, with the big four banks all in the red, led by a 0.9 per cent fall in Commonwealth Bank.

The major miners were also weaker, with Rio Tinto shedding 3.5 per cent as the stock went ex-dividend.

Data showing Australia’s economy grew at a moderate 0.5 per cent in the fourth quarter was little help.

“Traders have been net sellers of stocks with the Q4 GDP print the key focal point. Many saw this data point as a key component in influencing the Reserve Bank’s view on whether rates will come down in April or May,’’ said Chris Weston, chief market strategist at IG.

New Zealand’s benchmark NZX50 share index slipped 19.6 points or 0.3 per cent to 5,874.08 as losses in technology shares weighed on the broader market, which eased from an all-time closing high of 5,893.66 touched on Tuesday.

Online accounting software developer Xero fell 1.6 per cent, as a lack of follow-through buying after its rally last week on the back of additional capital raising prompted more investors to book profits on the fast-growing company.

Other tech-related companies also fell, with online boardroom member services developer Diligent sliding 1.9 percent, further retreating from a 1-1/2-year high hit earlier in the week.

Profit taking also stung Fisher and Paykel Healthcare, which fell 1.2 per cent, backing away from a life-time high on Monday.

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