The Australian share market has dipped into negative territory after a choppy morning trading session.

The benchmark S&P/ASX200 index was down 3.2 points, or 0.05 per cent, to 6,649.8 points at 1200 AEST on Tuesday, while the broader All Ordinaries was down 1.7 points, or 0.03 per cent, to 6,744.5.

The mining sector had the largest gains, adding 0.6 per cent after being bolstered by higher iron ore prices.

BHP was up 0.9 per cent to $41.36, Rio Tinto was up 0.7 per cent to $104.625 and Fortescue Metals was up three per cent to $9.105.

The heavyweight financial sector dipped 0.4 per cent amid losses for all four of the big banks.

ANZ was down 0.2 per cent to $26.96, Commonwealth was down 0.1 per cent to $80.96, NAB was down 0.8 per cent to $26.825 and Westpac was down 0.7 per cent at $27.625.

Oil Search was down 1.2 per cent to $7.25 after the company said both its second-quarter production and revenue have dipped by five per cent.

Energy shares were down one per cent as a whole to become the ASX sector with the heftiest losses by midday.

The minutes of the Reserve Bank of Australia’s July 2 meeting indicated that its second consecutive cut had been necessary to accelerate the growth in job numbers.

The Aussie dollar is buying 70.36 US cents, from 70.33 US cents on Monday.