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The share market's gains for 2014 have been wiped out, the value of the country's biggest export is at a five-year low and the Aussie dollar has slipped below 89 US cents - all thanks to China.
Wall Street stocks have slumped for the third straight session as data showed a weakening eurozone economy and US tax rules to fight inversions hit pharmaceutical stocks.
Labor will back the free trade agreement with South Korea but has again raised concerns about giving foreign investors the right to sue the Australian government.
The first university in Australia to reveal big fee increases if the federal government deregulates higher education says it doesn't expect a large drop off in students.
Global crude oil prices have fallen as traders worried about the strength of demand especially in China ahead of the release of key Chinese manufacturing data.
US stocks have finished decisively lower, retreating from last week's records in a decline attributed to profit taking and anxiety about Chinese economic growth.
Gold has settled at its lowest close of the year and other precious-metals prices have tumbled, as a surging US dollar and expectations of higher interest rates spur investors to sell.
US stocks have faced big hurdles during the week, but emerged stronger following a favourable Federal Reserve decision, a rejection of Scottish independence and a record stock offering from Chinese company Alibaba.
Legal action is being taken against the Construction, Forestry, Mining and Energy Union after it allegedly stopped workers accessing the building site of the $80 million Perth International Airport expansion project.