AAP

Opposition Leader Tony Abbott has declined to back a Liberal frontbencher's defence of a surprise rate hike by ANZ Bank.Banks were quite capable of defending themselves, he said.

Assistant Treasurer David Bradbury insists the government will not be taking the razor to frontline services to secure a budget surplus.

Westpac will open its first branch in India after receiving a banking licence from the Reserve Bank of India.

Australian stocks have opened more than half a per cent lower due to a weak lead from the US as the local materials sector weighed on the market.

Treasurer Wayne Swan has accused the opposition of going into bat for the big banks by backing a surprise interest rate hike by the ANZ.

Consumers are at risk until all genetically modified (GM) ingredients are listed on every food label, independent Senator Nick Xenophon says.

US stocks have closed out a miserable week with steep losses as worries about growth in the United States, China and Europe eclipsed a solid start to the corporate earnings season.

ANZ Bank has lifted interest rates for its variable home loan customers and small business borrowers despite the central bank leaving the cash rate on hold.

The Australian dollar fell back from a 10-day high on weaker than expected Chinese economic growth data.

The Australian share market ended the week on a high, gaining one per cent on the back of a strong lead from Wall Street and higher commodity prices.

If Premier Colin Barnett joins a High Court challenge to the mining tax when he doubts it will succeed then it shouldn't be funded by taxpayers, the state opposition says.

ANZ Banking Group has cut 230 jobs from its underperforming wealth management division as part of its ongoing focus on cutting costs.

Federal Senate Leader Chris Evans says Western Australia should contribute its fair share of GST revenue and make up for its past reliance on other states.

Bega Cheese will supply Coles-branded cheese to the supermarket giant under a five-year deal.

Federal Treasurer Wayne Swan has released a proposal for how business losses should be treated for tax purposes which he says will help struggling firms cope with the patchwork economy.

Shares in Oklo Resources fell after its results from exploration work in Mali were delayed by the recent military coup.

About 400 angry ex-Bankwest customers say the bank has been colluding with property valuers to force commercial borrowers to default on their loans.

Engineering and property services company UGL Limited has been awarded around $370 million worth of new projects across Australia, including $270 million of resources projects.

Bob Brown has resigned as leader of the Australian Greens parliamentary party.He told his party colleagues of his decision this morning.

The mining industry has attacked the federal government's mining and carbon taxes in a new advertising campaign.

State and territory governments would get a bigger say in environmental approvals to fast-track major projects under a deal to go to the Council of Australian Governments (COAG) on Friday.

The High Court of Malaysia has knocked back a request to review the recent decision to grant the rare earths miner Lynas Corporation a a temporary licence for a processing plant.

The Australian dollar has risen almost one US cent following the release of stronger than expected domestic jobs data.

The Australian share market has closed higher after gains on overseas markets and stronger than expected job figures domestically.

Ten Network Holdings is forecasting a more stable advertising market as it pins its hopes on a suite of new shows to secure more eyeballs and improve earnings.

Premier Colin Barnett has conceded new Labor Opposition Leader Mark McGowan has received a bigger lift in the polls than he anticipated, predicting a tight election next year.

Services company Spotless will voluntarily audit the records of about 1500 of its employees to ensure they are being paid properly.

Negotiations between ports operator Asciano and the Maritime Union of Australia (MUA) have hit a dead end.

Seven Group's heavy machinery company has bought the local arm of US parts and services business Bucyrus for $US400 million ($A389.39 million).

Mining billionaire Clive Palmer, who has savaged the federal government's mining tax, reportedly did not have to pay tax in his main private company last year.