AAP

Australian stocks sank to their lowest point in July so far after a sharp sell-off on renewed concerns over the carbon tax and international debt woes.

Australia needs an independent media watchdog to guard against a potential News of the World phone hacking scandal happening here, Greens leader Bob Brown warns.

Prime Minister Julia Gillard says she's "very confident" Treasury modelling has correctly assessed that the cost of living will rise by less than one per cent under the carbon tax.

Brazilian mining giant Vale has moved to resolve an impasse with joint venture partner Aquila Resources that will keep their Isaac Plains coal mine in Queensland operating.

Gindalbie Metals is on track to begin magnetite iron ore shipments from its flagship $2.57 billion Karara project in June next year.

Conditions in the retail sector have fallen to "worryingly low levels" in June, as Australia's economy struggles to recover from the flood related slowdown it suffered in late 2010, a survey shows.

Carmakers face a bill of more that $30 million a year as a result of a $23 carbon price, the automotive industry has warned.

Shares of coal producers gained after Macarthur Coal, which surged almost 40 per cent, received a second offer from the US' biggest coal miner, Peabody Energy Corp.

The Australian share market fell sharply in opening trade on weak offshore leads prompted by fresh fears of contagion throughout Europe from Greece's debt crisis.

The Australian dollar was trading almost half a US cent lower, as investors worry that Europe's debt crisis is spreading to Spain and Italy.

Carbon tax triggers price rises – The Fin; Miner bets $5bn on future of coal – The Aus; Don't point at us, Beijing told – The Fin; Added costs will hurt us internationally: Rinehart – The West; Export cattle still face a cruel death – The West

US stocks plummeted as worry about Europe's worsening debt crisis clouded markets already weaker after Friday's poor United States economic data.

Australia's major airlines say domestic travellers will bear the full brunt of the federal government's carbon plan.

The cost of building a new home will rise under the carbon pricing scheme, with the lowest emission building products suffering the greatest price rises, the building and construction industry says.

Almost one in six future first time property investors would drop out of the market if interest rates rose another half a percentage point, a survey has found.

Australian stocks closed sharply lower as reaction to the federal government's proposed carbon plan and a weak offshore lead pushed key market sectors into the red.

Western Australia is on track to become the world's largest or second-largest producer of liquefied natural gas (LNG) by 2020, Premier Colin Barnett says.

There is no respite in sight for renters in the booming Pilbara, with rents remaining at a staggering $1,650 a week, cementing its status as the most expensive area to rent in Australia.

The federal opposition is not conceding the carbon pricing scheme is a done deal as Prime Minister Julia Gillard and her ministers cross the nation talking up the plan.

If all goes according to the government's plan, the new Climate Change Authority is going to end up looking much like the Reserve Bank of Australia.

Foreign Minister Kevin Rudd has urged Australian businesses to recognise the vast opportunities available to them in China's growing services sector.

The carbon tax will force many older factories to close because they can't afford to switch to cleaner energy sources, Premier Colin Barnett says.

Shares in Carbon Conscious and CO2 Group jumped more than 12 per cent as investors bet the carbon sink developers would be key beneficiaries of the government's carbon pricing scheme.

Qantas long-haul pilots have voted to take protected industrial action against the airline for the first time in 45 years.

Wesfarmers has renewed its Australian and New Zealand reinsurance program for the new financial year and increased its event limit to $750 million due a spate of natural disasters.

The Australian share market fell sharply in opening trade as investors reacted to poor US jobs figures, China's inflation data and dumped stocks while they digested the carbon tax.

US stocks ended the week with a modest gain, despite being punished on Friday by a disappointing jobs report that showed growth was still limping along in the world's largest economy.

The Australian dollar was two thirds of a US cent lower, following news that Portugal's government debt had been downgraded to junk status by ratings agency Moody's.

Gillard's carbon blueprint – The Fin; Miners and big business say investment will suffer – The West; Inflation spike could force Reserve's hand on rates- The Aus; Gorgon too risky for UGL, Downer – The Fin; Wellard contemplates float – The West

The federal government's carbon tax is a vital step towards a cleaner, low-carbon economy, Western Australian unions say.

The carbon tax will damage the international competitiveness of many businesses and the resources sector, Western Australian industry groups say.

The carbon tax is east coast-centric and will increase the cost of living for middle to high income earners, Premier Colin Barnett says.