AAP

Australian shares are weaker as investors worry about sluggish US economic news ahead of the Queen's Birthday long weekend.

New BHP Billiton boss Andrew Mackenzie is confident China's new leadership is rebalancing the economy in such a way that demand for commodities will be sustained in the long term.

The Australian dollar has jumped sharply higher in a morning of volatile trading.

US stocks have swung erratically as the US dollar sank and bond prices rose, but finished higher a day ahead of the government's release of US employment data for May.

The Australian dollar has fallen to a two and a half year low as weak economic figures gave traders more reason to sell the currency.

Talk of recession in Western Australia is "ludicrous", according to Treasurer Troy Buswell.

Australian shares closed more than 1 per cent lower as investors were swayed by ongoing negative sentiment.

A new April record has been set for Australian companies becoming insolvent.

Australia's trade balance has recorded its third consecutive monthly surplus, despite a fall in exports during April.

Employers wanting to take on foreign workers on 457 visas will have to undertake labour market testing under legislative changes to the controversial scheme.

The Australian share market has opened more than one per cent lower.

The Palmer United Party's Queensland division has been registered under the name United Australia Party, Mr Palmer said in a statement this morning.

The Australian dollar has fallen to its lowest level since October 2011 amid weakness on global stock markets.The currency dropped to a low of 95.11 US cents early this morning.

US stocks have shed more than 1.0 per cent following a global rout as weaker-than-expected data on private jobs creation underscored weakness in the US economy.

The Australian dollar has fallen over one US cent after sluggish national account figures raised the possibility of more interest rate cuts by the Reserve Bank of Australia.

The persistent weak global aluminium market has resulted in Alcoa's Australian arm being hit with a ratings downgrade.

Climate Change Minister Greg Combet vows Labor will remain committed to its carbon pricing regime beyond the next federal election, despite any political damage.

The Australian sharemarket closed more than one per cent lower as weak GDP figures prompted investors to dump banking stocks.

Shares in Ramelius Resources have jumped after the company said it produced a record amount of gold in May.

Australia's economic growth was sluggish in the March quarter, and that pace is likely to continue as the peak in mining investment looms.

Australia's foreign investment rules are sending the wrong message to China, Premier Colin Barnett says.

Mining services company Macmahon has had a multi-million dollar mine shaft project unexpectedly shut down by a client.

The Australian share market has opened more than half a per cent lower.

The mining industry has gone from heroes to zeroes for shareholders that don't trust it anymore.

The Australian dollar is almost half a US cent lower after global investors reacted to yesterday's interest rate decision.

Sellers have taken over US stock markets as an expanded trade deficit offered a fresh sign of weakness in US growth.

A new report has cautioned against using Australia's vast pool of superannuation to fund infrastructure or for other non-retirement purposes.

Australian stocks rebounded to post modest gains after closing at four-month lows on Monday.

The Australian economy benefited from a larger-than-expected rise in exports during the first three months of 2013.

Cricket Australia says its deals with the Nine and Ten networks for the domestic broadcast of cricket are worth $590 million.

Billabong will look to offload assets and cut costs to deal with debt after yet another takeover bid for the troubled retailer collapsed.