AAP

Struggling farmers may be thrown a modest lifeline by the state government, with the premier saying it could help out with bank financing but it won't be assuming any debt on their behalf.

Treasurer Wayne Swan has deflected questions about whether slowing world economic growth will push out budget deficits, saying international forecasts show a "resilient" local economy.

Australian stocks have opened firmer, with the strong start to the trading day underpinned by gains among the big four retail banks and defensive sectors.

BHP Billiton's shares have opened higher after it maintained full year production guidance for key commodities in its latest quarterly report.

Gold snapped higher overnight, reboundinvg a day after the biggest selloff in 30 years amid signs that the lower prices were luring buyers of bullion, coins and jewellery.

US stocks have rallied strongly as investors took Monday's market rout as a buying opportunity.The Dow Jones Industrial Average jumped 157.58 (1.08 per cent) to 14,756.78.

The Australian dollar is trading lower in the wake of falls on global share markets and the Boston bombings.

Australian investors were left confused after $7 billion was wiped off the value of the sharemarket, taking the losses in two days to more than $22 billion.

Mining giant Rio Tinto says global iron ore production increased to 61 million tonnes in the March quarter, up six per cent on the same period last year.

Cattle producer Australian Agricultural Company will lower the value of its herds, partly because continued dry weather has hit domestic cattle prices.

The Reserve Bank of Australia is ready to push interest rates lower if that's what the economy needs.

The Australian market was lower at open as investors became risk averse in light of the disappointing economic data out of China and the fatal bombings in Boston.

Premier Colin Barnett says the federal government is trying to take over state schools through its proposed funding plan.

Gold prices have plunged deeper, reaching their lowest level in more than two years as other metals also fell amid market pessimism owing to an unexpected slump in Chinese economic activity.

Deadly explosions in Boston and disappointing China economic growth have rocked US stocks, sending the broad-market S&P 500 down more than 2.0 per cent.

The Australian share market has closed sharply lower as commodity price falls and weak economic data from China sparked a major sell off.

Mining company Rio Tinto warns the jobs of 1300 workers are at risk after a court overturned approval for a coal mine's expansion.

A large group of Australian councils, charities and churches who sued the now defunct US investment bank Lehman Brothers are one step closer to receiving a multi-million dollar settlement.

Australia's housing sector is in the tentative stages of a recovery as investors and home owners take advantage of low interest rates.

Mining giants Rio Tinto and BHP Billiton are expected to post softer iron ore and coal shipment reports after a series of cyclones hit northern Australia earlier this year.

Veteran Senator Mark Bishop has withdrawn his nomination for Labor party endorsement at the federal election in September and says he's looking forward to life outside politics.

Australian stocks have opened weaker, with the big miners leading the broader market lower after commodities prices, particularly gold, were hit hard in offshore trading.

Premier Colin Barnett says Prime Minister Julia Gillard has shown a low regard for students in his state in the federal government's school funding plan.

Mining companies should be focusing on improving productivity rather than just digging up bigger volumes of minerals, according to a report by consultants PwC.

Gold careened into bear-market territory on Friday, slipping below $US1,500 an ounce at one point, further succumbing to investors' push for higher yields.

There has been plenty of recent ammunition to feed scepticism in the bull market of 2013 - yet stocks continued to float higher, racking up solid gains for the week.

The Australian dollar has pushed higher, helped along by continued strength on share markets.At 1700 AEST, the currency was at 105.56 US cents, up from 105.21 US cents yesterday.

Australian shares closed marginally higher on Friday to complete their biggest one-week gain since last October.

The NSW government has agreed to privatise the state's ports, in a deal that will net more than $4 billion for infrastructure projects in the state.

APA Group is to sell the Moomba-to-Adelaide gas pipeline system to QIC Global Infrastructure for $400.6 million.

More than 330,000 people have applied to work Down Under as part of Tourism Australia's six 'Best Jobs in the World' promotion.

Mining billionaire Andrew Forrest says Australia will be left behind if efforts aren't made to make Sydney a strategic trading centre for Chinese currency.