Australian stock market trades lower

Resources weigh at Australia's open as the market traded lower ahead of a dump of economic data this week.

At the 10.15 a.m. (AEDT) official market open, the benchmark S&P/ASX200 index was down 12.4 points, or 0.24 percent, at 5190.2, while the broader All Ordinaries index fell 11.6 points, or 0.22 percent, to 5239.8.

Australia's third quarter GDP data release on Wednesday is arguably more important than Tuesday central bank policy meeting with the interbank market hedging a five percent chance of a cut after governor Glenn Stevens told a room of economists last week to "chill out" on policy easing.

"The RBA wants to have the 'full' economic picture to assess policy for 2016. Tomorrow will be the most lacklustre event of the week -- no surprises will be sprung," IG market strategist Evan Lucas said.

Fresh weakness in oil and commodities, though not iron ore on Friday, is pulling local stocks into the red on Monday.

At the open, gold miner Newcrest fell 2.73 percent, Rio Tinto is down 1.77 percent while BHP Billiton slumped 2.26 percent as it faces further liability surrounding its Brazil tailings dam collapse.

Woodside Petroleum slipped 0.30 percent, Santos is flat while Oil Search jagged a 0.06 percent gain.

ANZ fell 0.33 percent, the National Australia Bank is down 0.40 percent while the Commonwealth Bank of Australia was up 0.04 percent and Westpac edged 0.03 percent higher.

Woolworths and Wesfarmers were up 0.29 percent respectively despite local retailer Dick Smith was abandoning its earnings guidance on poor October and November earnings.

Qantas opened flat while Telstra fell 0.37 percent.