AAP

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.

Australians will be spared a budget that "cuts to the bone" but should brace for a disciplined road forward, Treasurer Wayne Swan has warned on the day he delivers his sixth, and possibly, final bu

The Australian dollar is holding below parity with the US greenback following better-than-expected American retail sales data.

US stocks have traded largely flat under the shadow of poor Chinese economic data and a slight gain in US monthly retail sales.

The Australian share market closed flat ahead of Tuesday's federal budget and after the local currency dropped below parity with the US dollar.

The Australian dollar is stuck around the 100 US cent mark as expectations grow that stimulus efforts in the world's largest economy will be wound back.

Glencore Xstrata has scrapped plans for a coal export terminal in Queensland, citing excess port capacity and a worsening outlook for the sector.

Rail operator Aurizon has begun talks to sell a stake in its rail track infrastructure that would free up money to expand and lead to a break-up of the operations business.

New Zealand's $NZ22-billion Superannuation Fund has pulled nearly $NZ2 million worth of investment out of Barrick Gold, the world's biggest gold miner citing its human rights and environmental reco

Home loan approvals have risen by 5.2 per cent on the back of lower interest rates and strong building activity.

National property developer Stockland says its earnings will drop because of the costs associated with changes to improve its performance.

Explosives and fertiliser maker Incitec Pivot's first half profit has dropped 23 per cent with its fertiliser operations hit by the high Australian dollar.

Business confidence has slipped four points in the month before the federal budget according to National Australia Bank's April survey of employers.