At closing bell, the benchmark S&P/ASX200 declined 17.86 points, or 0.27%, to 6,682.43. The broader All Ordinaries fell 19.17 points, or 0.28%, to 6,942.93.
Authorities restricted movement and tightened curbs on gatherings in Sydney, hoping to avoid "super spreader" events during New Year's Eve celebrations, after detecting a fresh cluster in the city this month.
Shares of banks and financials ended lower. Commonwealth Bank slipped 0.5% to A$83.59, NAB closed 0.4% lower to A$23.03 and ANZ Bank was down 0.4% at A$23.07
Shares of materials companies gained, with the three iron ore heavyweights - BHP, Rio Tinto and Fortescue Metals - managed to hold their ground. BHP lifted 0.5% to A$43.14, Rio gained 0.4% to A$115.78 and Fortescue closed flat at A$23.98
Travel sector stocks were broadly subdued with Qantas flat at A$4.96, Flight Centre slipped 1.6% at A$16.50 and Webjet slipping 1.1% to A$5.26.
The property sector had a rough session, with mall owner Vicinity Centres sliding 1.8% to A$1.64, Stockland closing 2.5 weaker at A$4.34 and Dexus dropping 1.7% A$9.59.
Energy stocks gained after crude prices advanced overnight on hopes that pandemic aid could boost demand and spur economic growth. US crude rose 0.8% to settle at $US48 per barrel and Brent settled at $US51.09 per barrel, up 0.45% on the day. In the oil and gas sector, Beach Energy rose 2.24% to $1.82, Woodside edged up 0. 3% and Santos finished flat at $6.35.
CURRENCY NEWS: The Australian dollar changed hands at $0.7657, following a bounce this week from around the $0.756 level.
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