Weakness among the big miners was offset by gains in finance companies and defensive sectors.
Despite the flat trade, Australian stocks have posted their fifth consecutive weekly gain.
The benchmark S&P/ASX200 index closed down three points, or 0.06 per cent, at 5033.9 points, while the broader All Ordinaries index fell 2.6 points, or 0.05 per cent, to 5054.6 points.
On the ASX 24, the March share price index futures contract rose one point to 4995 points, on volume of 25,144 contracts.
The local market opened down 0.1 per cent and extended declines through the morning to be 0.2 per cent in the red by noon, before making up some lost ground in afternoon trade.
Financial stocks finished 0.22 per cent higher, according to IRESS data.
Commonwealth Bank rose 13 cents to $67.03, National Australia Bank advanced 16 cents to $29.51 and Westpac climbed 39 cents to $29.15.
ANZ bucked the trend, slipping 29 cents, or 1.03 per cent, to $27.77 after reporting a net profit of $1.36 billion for the three months to December 31, down from $1.7 billion in the prior corresponding period.
"The results were actually not that bad. However, the market has concentrated on some small misses and sold ANZ down," IG market strategist Stan Shamu said in a research note.
Also having a bad day were metals and minerals stocks (down 1.11 per cent) and the materials sector (down 1.07 per cent).
Rio Tinto backpedalled $1.92, or 2.66 per cent, at $70.15 the day after reporting a $US2.99 billion ($A2.90 billion) net loss for calendar 2012 due to $US14.4 billion ($A13.98 billion) in recent writedowns.
In percentage terms, Rio was the worst-performing stock on the S&P/ASX20.
BHP Billiton slid 30 cents to $38.59.
"At times this week the Australian share market has exhibited juggernaut-like qualities, however the results from both RIO and ANZ gave investors just cause to ease back on the throttle today," CMC Markets senior trader Tim Waterer said in a research note.
"The stellar earnings reports from earlier in the week meant there was plenty of room for the market to be underwhelmed by what followed, which goes towards explaining the more lethargic tone struck by the AX200 to cap off the week."
The spot price of gold in Sydney finished at $US1633.19 per fine ounce, down $US13.21 from Thursday's local close of $US1646.40 per ounce.
National turnover was 1.95 billion securities worth $5.17 billion, with 478 stocks trading up, 495 down and 385 unchanged.
