AAP

Fortescue Metals Group says axing the federal government's diesel fuel rebate for miners will cost the company up to $US150 million ($A145.30 million) a year.

Prime Minister Julia Gillard has acknowledged movements in the official cash rate lie in the hands of the independent central bank.

Telstra Corporation chief executive David Thodey says the telco would look at increasing its stake in Foxtel should James Packer decide to sell out of the pay TV company.

Business conditions in Australia improved slightly over the first three months of 2012, a private survey shows.

Opposition Leader Tony Abbott has seized on comments Prime Minister Julia Gillard will make linking a budget surplus to lower interest rates, describing them as an admission of failure.

Prime Minister Julia Gillard is defending the Labor government's determination to deliver a 2012/13 budget surplus, but she can't guarantee the federal coffers won't swing back to deficit in later

Mining giant BHP has denied it's recruiting contract employees to replace retrenched union workers for a Queensland coal mine it closed.

Oil and gas producer Santos has maintained its full year production target after lifting its first quarter production and sales revenue.

Asciano and the maritime union have ended a long-running dispute over wages and conditions at its waterfront terminals after both parties approved a new enterprise agreement.

Woodside Petroleum's first quarter revenue is up 20 per cent to $US1.2 billion, despite a 10 per cent fall in production due to the impact of cyclones.

The Australian share market opened slightly higher following gains for the mining giants and despite falls on Wall Street.

Australia has emerged as the second most desired location, behind only the United States, for people to live and work, a report says.

Investors unimpressed by a skein of positive earnings surprises have sold down US stocks, with some nervousness over the eurozone clouding sentiment.

Finance Minister Penny Wong has taken Opposition Leader Tony Abbott to task over his claim that the local economy is underperforming, saying he's "simply wrong".

The Australian share market closed higher in response to positive production numbers from BHP Billiton and after global markets rallied in response to a successful Spanish bond auction.

Prime Minister Julia Gillard has challenged state Treasurer Christian Porter to step down if he can't balance his state's books with $800 million less GST revenue.

Prime Minister Julia Gillard has accused mining magnate Andrew Forrest of peddling "rehashed old nonsense" about finalising an agreement with Kevin Rudd on a revised mining tax deal in 2010.

The Bank of Queensland has outlined it much-anticipated turnaround plan after posting a $90.6 million first half loss.

Funding cuts to the state Department of Corrective Services will put the community further at risk because prisons are already overcrowded, the Prison Officers' Union says.

Prime Minister Julia Gillard says the government remains determined to deliver a surplus and has rejected comments from former Commonwealth Bank head Ralph Norris that such a goal is "mindless".

The builder of the national broadband network says its satellite launch plans are on course after a United Nations agency confirmed its procedures are correct.

Opposition communications spokesman Malcolm Turnbull says the high cost of building the national broadband network is likely to lead to increased prices for internet services.

Western Australia should get its full share of the infrastructure funding due to come out of the federal government's mining tax revenue, state Opposition Leader Mark McGowan says.

Nickel miner Mincor Resources has reported a lift in third quarter output and says it is on track to meet its full year production targets.

Shares in Grange Resources rose after the iron ore pellet producer reported an improvement in first quarter production from its Savage River mine in Tasmania.

Japan's Chubu Electric Power Company has inked a non-binding deal with Chevron to buy liquefied natural gas (LNG) from the US energy giant's Wheatstone project.

The Australian economy continues to perform weakly, an industry study has found.

About 40 per cent of Australian businesses are finding it difficult to recruit staff despite the subdued labor market, research shows.

Perseus Mining says it is on track to deliver on its gold production targets for the June quarter.

Federal Opposition Leader Tony Abbott says another downgrade of Australia's economic growth rate by the International Monetary Fund (IMF) shows the local economy is "underperforming".

Australian stocks have opened more than one per cent higher after a successful Spanish bond auction eased concerns over the euro zone debt crisis.

US shares have surged, led by a huge jump from Apple as several positive earnings surprises and the IMF's improved outlook for world growth inspired buyers.