AAP

The federal opposition doubts new revenue projections for Labor's mining tax, after an independent body said it would raise just $800 million in its first year.

The Australian dollar has pushed above 103 US cents on news of improvements in the US jobs market.

European and US stock markets soared to end last week, with the Dow, S&P 500 and Germany's Dax setting new records, as strong US jobs data for April revived confidence in the US economic recovery.

The Australian sharemarket closed flat as investors reap profits from booming bank stocks and some worries about global growth.

Travellers can expect to enjoy cheaper domestic airfares for a little longer, as Australia's major carriers keep adding seats into the local market.

The Australian share market has opened one per cent higher.

Westpac has lifted its first half profit by 11 per cent as it pursues growth opportunities such as deposits.

The S&P 500 has reached a new all-time high, boosted by an expected European Central Bank interest rate cut and a surprisingly good US jobless claims report.

The Australian share market has closed 0.7 per cent lower, with concerns about global economic growth pulling down resources stocks.

Prime Minister Julia Gillard says she will introduce legislation to increase the Medicare levy to support Labor's national disability care scheme to be voted on by MPs later this month.

The Australian economy faces a pothole in economic growth because non-mining investment is not adequate to fill the gap left by the fast-fading resources investment boom, an independent forecaster warns.

The Australian market has opened lower as lacklustre Chinese manufacturing data impacts mining stocks.

The Australian dollar has dropped back below 103 US cents for the first time in three days amid falls on US stock markets and weaker commodity prices.

US stocks have tumbled following weak employment and manufacturing data, and as the Federal Reserve stuck to its aggressive economic stimulus program.

The Australian dollar is slightly lower after peaking at a two-week high, following the release of weak Chinese and Australian manufacturing data.

Arrium is considering selling or dumping businesses in its loss-making steel division, raising the prospect of more heavy job cuts.

The Australian stock market has closed lower, with weakness among the major miners helping snap a two-day rally.

Qantas has pulled back the number of seats in the domestic market for a second consecutive month.

Premier Colin Barnett has outlined three reasons the government wants to push ahead with acquiring land at James Price Point, despite Woodside shelving its original plan for the Browse gas project.

Australia's biggest telco, Telstra, has maintained its full-year earnings guidance and is aiming to lift dividends over time.

Premier Colin Barnett has again baulked at signing up to the national disability care scheme, saying the increased Medicare levy is the "easy" part of funding the plan.

Perth’s housing recovery has hit a stumbling block, with prices dropping in April and new home sales declining in March, but analysts are describing the falls as a temporary blip.

Australian stocks have started the month weaker, with investors appearing to book profits after the market hit a fresh five-year high yesterday.

A cocktail of negative factors has left many Western Australian farmers worried about the coming season, according to new survey results.

The Australian dollar has reached its highest level in two weeks amid gains on share markets and disappointing US manufacturing figures.

US stocks have risen amid solid data on housing and consumer confidence and as reports of a $US17 billion ($A16.5 billion) Apple bond sale cheered investors.

Australian stocks have closed higher as ANZ's $3 billion plus half-year profit dragged its shares to record highs and the local market along for the ride.

Diversified miner Rio Tinto has opened its $US2.2 billion Argyle underground diamond mine in the eastern Kimberley.

Service quality at the increasingly busy Perth Airport has fallen along with prices, says the Australian Competition and Consumer Commission.

Finance Minister Penny Wong has indicated the government is considering imposing a levy to fund its national disability insurance scheme.

Australian stocks have opened firmer, with the big retail banks leading the broader market higher.