AAP

Australian stocks have opened marginally weaker as investors had a subdued reaction to the Spanish government's plan to slash the nation's deficit.

Asia's economic boom is not just about resources, as its rapidly growing middle class will help lift demand for Australia's food, tourism and farming sectors, Treasurer Wayne Swan says.

Apple's stock has reached $US700 ($A671) for the first time, setting a record for the company the day after it announced that orders for its iPhone 5 topped two million in the first 24 hours.

US stocks have finished mostly lower as the aura of the Federal Reserve's new QE3 stimulus wore off and worries about company profits were heightened after FedEx cut its earnings outlook.

The Australian dollar is two-thirds of a US cent lower following weak performances on Asian share markets.

State government steps to help commercial fisheries gain sustainability certificates have been applauded by a supermarket giant and a conservation group.

Alesco chairman Mark Luby has signalled the door is still open for further talks with paint maker DuluxGroup over its long-running $210 million takeover bid.

Export earnings from resources and energy commodities are expected to fall this financial year as commodity prices ease, a federal government forecaster says.

BHP Billiton will freeze the salaries of its top executives as it continues to manage costs due to an uncertain global economic environment.

Australian shares finished slightly weaker, with investors consolidating recent gains generated by moves to boost growth in the US and Europe.

Workplace Relations Minister Bill Shorten is undermining the independence of Fair Work Australia by opposing cuts in penalty rates for weekend work, the coalition says.

Shadow treasurer Joe Hockey predicts federal tax revenue has fallen by between $20 billion and $25 billion since the budget due to softening commodity prices and a decline in corporate tax.

Some fire management staff at Western Australia's Department of Environment and Conservation are working more than 28 days in a row when a blaze breaks out, a union claims.

Federal Resources Minister Martin Ferguson has warned there may be more east coast mine closures as global commodity prices soften and mining royalties rise.

Deputy Prime Minister Wayne Swan says the coalition is "splintering" under Tony Abbott's leadership and Labor has "some wind at its back".

Two Leighton subsidiaries have won new contracts worth a total of $437 million.

Mining companies should pay to offset the damage their developments cause to the nation's coastal environment, the federal government says.

Homeowners may be in for an early Christmas present, with the Reserve Bank of Australia expected to deliver at least one more interest rate cut before the end of 2012.

Australian stocks have opened weaker, with resources-related companies leading the broader market lower.

The Australian dollar is half a US cent lower, following sharp falls in commidity prices.At 0700 AEST, the local unit was trading at 104.76 US cents, down from 105.24 cents yesterday.

Brazilian authorities say they are fining US oil firm Chevron $US17.5 million ($A16.64 million), and likely will impose further penalties, over a major spill off Rio de Janeiro state last year.

US stocks have closed lower in the aftermath of the Federal Reserve's new QE3 stimulus rally amid concerns about weakness in US manufacturing and anti-American unrest in the Middle East.

The Australian dollar has fallen back more than half a US cent on profit-taking following last week's rally.

Qantas Airways and South African Airways have been granted a two-year extension on their code-share alliance on flights between Sydney and Johannesburg.

The Australian share market has closed at its highest level since May, as investors were encouraged by separate moves to stimulate the US economy and keep the bailout of the debt-ridden euro zone o

Car yards sold more new vehicles in August than ever before.

Surfwear brand Rip Curl is investigating approaches to invest in the company from several international organisations.

The banks involved in Australia's most expensive and longest-running court case are seeking to take their battle to the High Court.

The carbon tax is not totally to blame for higher electricity prices, gas and electricity supplier AGL Energy says as it calls for the deregulation of what consumers are charged.

Northern Iron has cut jobs and suspended its exploration program to help offset the effects of falling iron ore prices.

Federal Labor continues to make gains on the coalition in two new opinion polls, as anger over the carbon tax wanes and state budget cuts rebound on Opposition Leader Tony Abbott.

Macmahon Holdings is poised to cut its earnings guidance, only a month after the mining services and construction group forecast 20 per cent profit growth for fiscal 2013.