AAP

Mining giant Rio Tinto is facing rising capital costs around the world, not just in Australia, Prime Minister Julia Gillard says.

The housing sector may be struggling, but there is still a shortage of skilled labour in some parts of the building sector, a study has found.

Westpac Banking Corporation is unlikely to pass on the central bank's 0.5 per cent rate cut despite making a near $3 billion profit in the first half of its fiscal year.

Prime Minister Julia Gillard is warning the opposition will need to make "incredible" cutbacks to government services if it does not back spending cuts in Tuesday's budget.

Harvey Norman says its pre-tax profit for the first nine months of the financial year is down 25 per cent, as sales continued to fall in the three months March.

Australian stocks have opened marginally higher amid quite trading, as market players choose to stay on the sidelines ahead of the federal budget.

The Commonwealth Bank of Australia has cut its standard variable home loan rate by 40 basis points to 7.01 per cent, while Westpac said it would wait until tomorrow to announce its intentions.

US stocks clawed back early sharp losses on disappointing data on private-sector job growth, with the Nasdaq index ending in the black while the Dow closed with a minimal loss.

The Australian dollar recovered some of the ground lost after this week's official interest rate cut as investors shifted their focus to recent positive data from the US and China.

Former federal opposition leader Dr John Hewson says the Reserve Bank of Australia (RBA) should continue slashing interest rates so they are in line with other developed economies.

The Australian share market closed marginally stronger at a nine-month high after gains by miners were offset falls among the big four banks.

Aquila Resources' $430 million sale of its half interest in the Isaac Plains coal mine in Queensland is a step closer to being officially sold, following Foreign Investment Review Board's (FIRB) ap

Leighton Holdings has won a $604 million, three-year, contract for mining services at the Peak Downs Mine in central Queensland.

The state government is under pressure to ease the impact of ballooning utilities bills on poorer households in the state's budget this month.

Fortescue Metals Group founder Andrew Forrest expects his company will pay "little or no" minerals resource rent tax when it comes into effect from July 1.

You don't have to get your hands dirty to reap the benefit of the mining boom.

Telecommunications giant Optus has slashed 750 jobs as part of a restructure, but none will be lost in Western Australia.

Brambles says it is on track to meet its full year profit target after unveiling a 33 per cent rise in its latest sales results.

The Australian stock market has opened higher, as gains among the big miners helped offset a weak start from the retail banks.

ANZ Banking Group has lifted its first half profit by 10 per cent to $2.92 billion but says margins in its Australian business are declining.

One of the country's leading economists says there is no economic imperative for the government to return the budget to surplus so quickly.

A better-than-expected read on US manufacturing in April and encouraging construction data drove Wall Street shares higher Tuesday as traders shrugged off some poor earnings reports.

The Australian share market lifted to a nine-month high after the central bank surprised investors with a bigger than expected interest rate.

Premier Colin Barnett says if the distribution of the GST revenue is not fairly shared between the states, the bigger states will take the matter into their own hands.

 Labor frontbencher Martin Ferguson has urged the embattled party to stop its in-fighting, move on from the leadership spill and focus on next Tuesday's budget.

A peak accounting body says the federal government should continue to target weaker parts of the local economy rather than its "commendable" aim to return the budget to surplus.

Labor frontbenchers are playing down the latest Newspoll which shows voter support has neared rock bottom.

Global property developer Stockland Group says it is on track to achieve its recent earnings guidance for the 2012 financial year.

Australian shares have opened slightly higher as confidence grows in the local market following gains in resources stocks and on high expectations of an interest rate cut.

Qantas will sack around 400 workers from across its heavy maintenance bases.

Mining companies are so desperate for workers some are throwing their selection criteria in the bin and spending money on training raw recruits, the Department of Treasury has found.

US stocks closed out April Monday with all three indices slipping lower, helped by weak US consumer spending data and ongoing worries about Spain and the eurozone.