AAP

Wesfarmers has downgraded its earnings forecast for its Target stores, predicting a "disappointing" result for the department store chain.

Shares in engineering giant WorleyParsons plunged to four-year lows after it blamed a slowdown in Western Australia's mining industry for a profit downgrade.

Federal Opposition Leader Tony Abbott has shied away from putting a timeframe on his proposed budget measures, including spending cuts aimed at saving up to $5 billion.

US stocks have taken a pause from a recent winning streak, selling off after a disappointing earnings report from Walmart and some middling economic data.

The Australian market finished lower as weaker commodity prices weighed on the nation's biggest mining stocks.

The proposed Anketell Point port project in the Pilbara, which is unlikely to proceed for the foreseeable future, has been approved by federal Environment Minister Tony Burke, subject to 45 strict

The Australian market has opened slightly higher despite falls in resources stocks.

Virgin Australia's shares have tumbled following a profit warning issued by the airline after the market closed on Wednesday.

The Australian dollar is slightly higher as the greenback's week-long rally stalled following the release weak New York State manufacturing data.

US stocks closed at new all-time highs following a choppy day of trading Wednesday as investors shrugged off more economic gloom from the eurozone.

The Australian market closed lower as the big miners fell on lower commodity prices and downgrades of Chinese growth forecasts.

The Australia dollar has fallen below 99 US cents, driven lower by growing investor demand for the US dollar and a negative response to Tuesday's federal budget.

 Australia remains one of the top destinations for migrating professionals, but has slipped in a global rankings survey amid the high-value dollar putting pressure on exchange rates.

Australia's second-biggest telco, Optus, has suffered a 7.5 per cent slump in net profit for the year to March 31.

Opposition Leader Tony Abbott says his official budget reply won't be a complete list of the coalition's "spends and saves" but will paint a big economic picture.

The federal budget has failed to improve Australia's "inefficient" tax system, business leaders have said.

Every project in Australia worth $500 million or more must show how it will provide opportunities to local businesses, under new laws introduced into parliament.

Commonwealth Bank of Australia has lifted its third quarter profit by 12 per cent to $1.9 billion.

The Australian market has opened higher due to strong overseas leads and the falling Australian dollar.

Prime Minister Julia Gillard has defended her government's budget, stating tough choices had to be made.

The Australian dollar has opened below 99 cents as another rally on Wall Street boosted the greenback.

US stocks have surged to new all-time closing highs on renewed optimism after a prominent hedge fund manager said the stock rally of 2013 still has more room to go.

Treasurer Wayne Swan has handed down his sixth consecutive budget deficit, saying sharper spending cuts would have put jobs and the economy at risk.

The Australian dollar is trading slightly below parity with the US dollar as commodities prices fell following weaker than expected Chinese data.

The Australian market has closed higher after a volatile day of trading due to the impending federal budget.

Mining services provider Macmahon Holdings' shares have shot up by more than 20 per cent after it detailed positive growth in a "changing and challenging environment".

West Australian Premier Colin Barnett is declining to rule out further public sector job cuts as the state deals with a "volatile" environment.

Shadow treasurer Joe Hockey is demanding the federal government publish a range of Treasury figures explaining revenue shortfalls, policy funding and future debt forecasts.

The federal government will abolish the baby bonus and project a return to surplus in 2016-17 in tonight's budget, the ABC has reported.

Disgruntled farmers have dumped several tonnes of grain outside West Australian Premier Colin Barnett's office, saying the state government's financial relief package is meagre.

The Australian market has opened flat as gains for defensive stock offset losses for Westpac and Macquarie banks.

The federal government has confirmed it will contribute $400 million to upgrading sections of the Perth-to-Darwin Highway and says there will be more for Western Australia in today's budget.