AAP

Australian shares have closed at a six-month low after being battered by bleak economic data from China, Europe the United States and locally.

Pallet supplier Brambles has aborted the planned sale of its data management business because of a lack of reasonable offers, instead announcing a $448 million capital raising.

The Australian share market plunged 1.75 per cent in opening trade to its lowest level since November after Wall Street suffered its worst day of 2012 and fell into bear market territory.

Export commodity prices fell to a 17-month low in May.

The Australia dollar fell to a fresh six-month low following the release of weaker Chinese manufacturing data but regained some ground later in the day.

More effort needs to be put into luring labour from the eastern states to Western Australia, say some of the nation's top executives.

Australian stocks have closed lower for a third straight session as weak economic data from offshore prompted investors to abandon resources-linked sectors of the market.

Australia needs to open up its northern regions to agricultural expansion or face a potential food shock from Asia, says the chief executive of Australia's biggest beef producer, Australian Agricul

Australia's largest goldminer Newcrest Mining says it would not be further expanding its Australian operations while costs remain high.

The minimum wage increase handed down by Fair Work Australia is a sign of confidence in the Australian economy, Workplace Relations Minister Bill Shorten says.

Norton Gold Fields is recommending its shareholders accept a friendly $229 million takeover offer from China's biggest gold company.

The West Australian Farmers Federation has called on the state government to impose a moratorium on gas fracking amid concerns about unknown environmental impacts.

Nationals senator Barnaby Joyce is urging the federal government to allow a local company to purchase farming land in northern Australia ahead of Chinese interests.

Veteran MP Max Trenorden has asked the Nationals to expel him from the party, saying he has been treated poorly by its members but doesn't want to be forced to quit.

The Australian share market suffered falls in opening trade, driven by weaker materials stocks, aggressive short selling of the top 50 stocks and a soft lead from Wall Street.

The federal government is standing by its budget forecasts despite a slowdown in China's growth.

Qantas denies it misled a Senate inquiry over the timing of a decision to ground its entire fleet in 2011.

Stumbling Facebook shares got a shot of adrenalin Thursday and pushed five per cent higher as US stocks traded lower Thursday on dull jobs and economic growth data.

Fortescue Metals Group boss Neville Power says he is confident China's continued growth will help the company generate enough cashflow to pay down its large debt.

The Australian market has closed lower, dropping for a second straight day as ongoing worries from Europe hit financial stocks hardest.

Australia's housing industry says it has fallen into a recession after building approvals plunged to their lowest level since the global financial crisis, driven largely by a change in the approval

The Australian dollar fell to a fresh low point on concerns around Spanish banks and the upcoming Greek election.

The federal government has responded to the Health Services Union scandal by proposing tougher new laws to stop union rorts.

Australia will continue to experience a surge in capital expenditure investment, despite deteriorating global conditions causing businesses to revise down their spending plans, economists say.

The Australian share market remained in the red by noon on fresh concerns over Europe's debt crisis, with consumer staples stocks bucking the downward trend.

Workers on the state government's beleaguered Perth Arena project have stormed off site over non-payment of entitlements and late wages.

Federal MPs have backed away from reports that a debate over the hiring of foreign workers for big mining projects may send xenophobic messages to overseas investors.

Sales at David Jones fell by about three per cent in the three months to April, and the retailer is gearing up for a big end of financial year clearance.

The Australian economy is robust enough to withstand current global uncertainty, but not immune, Treasury boss Martin Parkinson has told a Senate hearing.

Thousands of workers have ended a week-long strike at six Queensland coal mines but unions say more industrial action is likely.

The Australian share market has tumbled more than one per cent in opening trade as fresh worries over Europe's debt crisis led to heavy falls on US and European bourses.

US stocks have dived in the wake of European and Asian losses on rising investor worries about Spain's weak banks.