AAP

Property developer Australand is preparing for a possible takeover from fellow developer Stockland which would propel the combined entity to second position on the list of Western Australia's biggest land developers.

Western Australian households will be slugged by next month's state budget because the government "maxed out" spending on big projects and increased public sector wages, the new treasurer warns.

Iluka Resources shares have fallen six per cent after the mineral sands miner recorded a drop in production and revenue.

Labor's Louise Pratt has conceded defeat in the Western Australian Senate election re-run, while blasting the party for allowing her to be dumped from the top spot on its WA senate ticket.

NSW Premier Barry O'Farrell has resigned in the wake of controversy over his appearance at the Independent Commission Against Corruption.

The Australian share market is higher as investors await Chinese growth numbers.

BHP Billiton has raised its full year guidance for iron ore and metallurgical coal production after achieving record output so far this fiscal year, but has trimmed guidance for petroleum production.

The US dollar has moved little against other major currencies ahead of China's first-quarter GDP data, expected to show further slowing in the world's second-largest economy.

Gold has locked in its largest one-day percentage drop since December as worries about weaker demand from China prompts some investors to reduce their gold holdings.

The Australian dollar has fallen to a one-week low after the release of some disappointing US home builder sentiment data and tensions in the Ukraine escalate.

Australian shares have closed higher as investors bought up resources and banking stocks after a strong performance on Wall Street.

Advocates of Australia's tech start-up sector have called on governments to do more to support the fledging industry.

Work is expected to start on a long-anticipated second Sydney airport at Badgerys Creek in 2016 after federal cabinet signed off on the site.

Interest rates look set to stay put while the Reserve Bank of Australia waits to see what effect the stubbornly high currency will have on Australia's economic growth.

OZ Minerals says its copper production in the first quarter of 2014 was in line with the previous quarter, while gold production fell.

The Australian share market has opened higher after the US market lifted on the back of a solid earnings report from Citigroup and encouraging retail sales data.

Rio Tinto produced and shipped less iron ore during the first three months of 2014 after bad weather affected its ports and mining operations in Western Australia.

Crude oil prices have marched higher as traders keep a wary eye on escalating tensions between Russia and Ukraine and the prospects of resumed Libyan oil exports.

The Australian dollar is back above 94 US cents, helped by some slightly better-than-expected US retail spending figures.

The Australian market looks set to open higher after decisive rises on Wall Street following better-than-expected retail sales figures.

Rio Tinto is tipped to beat rival BHP Billiton on iron ore growth in their latest quarterly updates, but the latter's petroleum division should make up for that.

Labor says it will hold the Abbott government to its election promise to make no changes to the age pension ahead of next month's budget.

Supermarket giant Woolworths breached an agreement it had with the competition watchdog over its fuel discount scheme, the Federal Court has found.

The share market has suffered one of its biggest falls of the year so far as investors worry about the performance of US companies and instability in Ukraine.

The Australian share market is lower after a fall in technology stocks continues to cause a wider sell-off on Wall Street.

Palladium futures have closed at their highest level in two-and-a-half years, while platinum has neared a four-week high as escalating tensions between Russia and the West and continued mine-worker

The Kuwait National Petroleum Company has signed contracts worth $US12 billion ($A12.79 billion) with three international consortia to upgrade two refineries and invited bids to build a new multi-b

The Australian dollar is higher, supported by optimism about the local economy and the possibility of the euro zone getting more economic stimulus.

Dio Wang will resign as managing director of mining explorer Australasian Resources before taking up his Western Australian Senate seat for the Palmer United Party.

Under-fire Western Australian senator-elect Joe Bullock says he was surprised when a key union affiliated with Labor said he should step down over controversial comments, labelling the attack "wrong" and "silly".

The Australian share market has closed sharply lower after a fall in technology stocks on United States markets caused a wider sell-off on Wall Street.

The stock market has opened lower after a sharp slide on Wall Street overnight.