(Updates to close)
SYDNEY, Dec 10 (Reuters) - Australian shares reversed gains to finish flat on Tuesday, with a slump in storage company Brambles and insurer QBE Insurance erasing early rises fueled by fresh record highs on Wall Street overnight.
Qantas Airways Ltd lost 3 percent to A$0.965, its lowest-ever closing level, after a profit downgrade.
The S&P/ASX 200 index finished at 5,143.6. The benchmark fell 0.8 percent on Monday.
New Zealand's benchmark NZX 50 index fell 0.3 percent to 4,706.5. (Reporting by Thuy Ong; Editing by Kim Coghill)