AAP

"Short-term weakness, long-term strength" has been Treasurer Wayne Swan's mantra in the build up to his fourth budget.

Federal government climate adviser Ross Garnaut will release additional papers at the end of the month detailing how much money is expected to be raised by Labor's carbon tax and how it should be spent.

Australian construction activity fell in April for the 11th consecutive month, a report says.

Sharp falls in resources stocks after drops in commodity prices have seen the Australian share market open lower.

The Australian dollar was at two-week lows this morning after commodity prices plummeted overnight.

Pay young to head west, Barnett says –The Aus; Industry digs in its heels on PM's carbon tax –The West; FBT reform saves budget $1 billion –The Fin; HBF fights means test rebate threat –The West; Former Great Southern director tells of mistrust –The West

US equity markets plunged on Thursday after oil and gold prices dropped, pulling energy and commodity stocks sharply lower.

The federal government is to wind back generous subsidies for home solar electricity panels, a move welcomed by the industry as providing long-term certainty.

The federal government's draft marine parks plan for Australia's southwest will affect the commercial fishing industry, but the environment minister says it will be compensated.

The Australian share market recovered from a negative start to close marginally firmer.

Rio Tinto chief executive Tom Albanese has dismissed speculation the mining giant could be planning a takeover bid for aluminium giant Alcoa.

The Australian dollar was almost one and a half US cents lower at noon, amid weakening commodity prices and weaker than expected retail sales data.

Aged care workers will be the first in the nation to use the low-paid bargaining powers of the Fair Work Act to push for better pay after their union won a landmark court case.

Wet weather continues to hurt Santos Ltd's operations, with production tipped to be four per cent lower than previously forecast.

Rio Tinto chief executive Tom Albanese told shareholders in Perth today the mining giant is running strongly and benefiting from favourable, albeit volatile, markets for its products.

Treasurer Wayne Swan has rejected the assertion of an independent economic forecaster that the upcoming budget is unhealthy and that Australia's economy is fragile in the long term.

Retail trade and building approvals data released show an expected slowing down of the non-mining part of the Australian economy and should not change the outlook on interest rates.

Westpac has rejected claims it is has joined a "carbon revolt" and is now opposed to the Gillard government's plan to price pollution.

The Australian share market opened lower this morning, following weak offshore leads as the United States market lost ground.

National Australia Bank has increased first half profit by 15.9 per cent as it cements top spot in business banking, a market which it says will grow this year.

The Australian dollar was over one US cent lower this morning as commodity prices continue to fall.

Serious doubts about the health of the job market and the pace of the US economic recovery put markets on edge on Wednesday.

Skills plan to recruit 30,000 Indian workers – The Fin; Westpac joins carbon revolt – The Aus; Proposal for legislation to protect Margaret River – The West; ASIC probes Leighton over write-downs – The Fin; Heat on MIS directors – The West

The Australian share market slipped to a five-week low on a broad-based sell-off sparked by profit-taking in the oil and gas sector and a lack of good earnings news from banks.

Federal Resources Minister Martin Ferguson says the prime minister will use a dinner with business leaders to explain why the carbon tax is an economic necessity for the nation.

The entry of Japanese-owned Chi-X Australia as an alternative securities exchange for the nation ends the 24-year monopoly of the Australian Stock Exchange.

Westpac has delivered an upbeat assessment of the Australian economy and a positive outlook for consumers, in contrast to comments from rival ANZ a day earlier.

An honest government would use next week's budget to demonstrate how the troubled national broadband network would be delivered and at what cost, Opposition Leader Tony Abbott says.

A workman seriously injured when his arm was sucked into an industrial vacuum hose has won compensation of $265,000.

Finance Minister Penny Wong has challenged Opposition Leader Tony Abbott to show how he would bring the budget back to surplus a year earlier than the government.

West Australian Premier Colin Barnett has ruled out any subsidisation of the state's power station operator Verve Energy, which says it would be potentially burdened by $200 million in extra costs under a carbon tax.

Iron ore miner Fortescue Metals Group has lost its bid to overturn an Australian Competition Tribunal ruling that kept Rio Tinto's Hamersley rail line closed to smaller rivals.