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Prime Minister Kevin Rudd has flagged Labor will set up a headquarters in Brisbane as well as outposts in Western Australia and South Australia to help boost the export opportunities for the mining equipment sector if it wins the next election.
The Australian dollar is lower despite making slight gains against a weaker greenback in afternoon trade as investor anxiety over a possible US attack on Syria subsides.
The Reserve Bank is likely to keep the cash rate on hold next week as it waits on the outcome of the federal election and allows the August rate cut to work its magic.
Opposition finance spokesman Andrew Robb believes Labor's deceit over the coalition's $31.6 billion of promised savings will be the last straw for many voters.
Uranium miner Paladin Energy has recorded a $US420.9 million full year loss, more than double last year's loss of $US172.8 million, as the uranium price remains weak.
Electrical and homewares retailer Harvey Norman's full year profit has fallen 17.5 per cent amid dwindling sales across its Australian and European businesses.
Airline Virgin Australia has fallen into the red.The company today reported a net loss of $98.1 million for the year to June 30, compared with a $22.8 million profit the previous year.
The Australian dollar is lower as solid US economic growth figures raised expectations the Federal Reserve will scale back its asset purchases in the coming months.
US stocks have closed higher following an upgrade to US second-quarter economic growth and a shift in expectations away from an immediate military strike on Syria.
Opposition treasury spokesman Joe Hockey has defended the coalition's $31.6 billion of proposed savings, saying Labor's accusations that they don't add up are "dead wrong".
Mining investment should stay strong for the coming year, economists say.But they are still looking for a pick-up in investment in other parts of the economy.
US stocks have rebounded, led by energy companies benefiting from an oil price spike, as the West mulls a possible punitive attack against Syria for its alleged chemical weapons use.
The Australian share market has suffered its steepest one-day fall in three weeks as speculation about a US military strike on Syria hits the big miners.
Building of homes, shops and offices and engineering work on bridges, roads and mines was weaker than expected in the June quarter, and the looming federal election could be to blame.
The former boss of the collapsed Westpoint group has lost his second appeal against convictions for making misrepresentations about a residential property development in Perth.