AAP

The Australian stockmarket opened one per cent lower in line with weakness on US markets amid continued uncertainty in Greece.

Qantas will slash 500 jobs as part of a major revamp of the struggling airline after a massive fall in first-half profit.

The high value of the Australian dollar has boosted the spending power of households the past decade, the Reserve Bank of Australia says.

US stocks ended in the red Wednesday amid renewed concerns that Greece was veering toward default after a debt bailout hit fresh turbulence.

The Australian dollar rose three-quarters of a US cent following some good news that should alleviate the euro zone financial crisis.

Western Australia is about to learn if it has been recommended as the site for the world's most powerful telescope, known as the Square Kilometre Array (SKA).

Shopping centre giant Westfield is upbeat about the future of retail sales in Australia despite overriding consumer caution and economic uncertainty abroad.

The Australian stock market closed slightly higher today, with financial sector stocks dragging it across the line in a late rally.

Mistakes were made but heads shouldn't roll over a prescribed burn that went wrong and destroyed 40 properties in the Margaret River region, Premier Colin Barnett says.

Means testing the private health insurance rebate will prompt many people to drop their private health cover and put more pressure on the public health system,  Premier Colin Barnett says.

Consumer confidence has risen following two interest rate cuts in late 2011, but remains well below its level a year ago, according to a private survey.

St George Bank has lifted its home loan interest rates by more than the big four banks, as the number of lenders lifting rates grows.

South African miner Exxaro Resources has taken a majority share of Perth-based iron ore explorer African Iron after last-minute acceptances of its $300 million offer.

Australian stocks opened stronger this morning, buoyed by good results from The Commonwealth Bank of Australia, the nation's largest lender.

Oz Minerals has suffered a dramatic fall in full-year net profit to $274.5 million, but says demand for copper remains strong.

Commonwealth Bank of Australia's (CBA) first-half cash profit has grown by seven per cent to $3.57 billion and the company has no plans for major job cuts.

US stocks were weighed down by unravelling debt talks in Europe and didn't get any help from a disappointing result on retail sales. The three major stock indexes were lower all day.

The Australian dollar is half a US cent lower as traders look for reasons to buy the currency after its recent rally ran out of steam.

Labor has accused coalition MPs of double standards by talking up the impact of the carbon and mining profits tax on the economy while personally investing in mining companies.

Moody's downgrades of debt ratings of Italy, Spain and Portugal and, locally, softer commodity prices dragged the Australian share market almost one per cent lower.

The Reserve Bank of Australia seems to think the Australian dollar is defying gravity.

Five of Australia's capital cities rank among the world's 20 most expensive places to live.

Uranex's wholly owned Mkuju uranium project in Tanzania has attracted aspiring joint venture partners, the company says.

Africa-focused uranium producer Paladin Energy has widened its first half net loss from the previous corresponding period even though it achieved record production.

A South Korean firm has been has awarded the contract to build a huge processing plant offshore from Western Australia for the $US34 billion ($A31.8 billion) Ichthys gas project .

Altona Mining has joined the ranks of copper producers after its wholly owned Outokumpu project in Finland commenced output.

Prime Minister Julia Gillard says the economy remains strong despite recent job cuts by banks and manufacturers.

The Transport Workers Union wants the federal government to introduce laws to crack down on the use of overseas workers doing Australian jobs.

Natural disaster assistance funding will be provided to West Australian communities hit by Tropical Cyclone Heidi in January.

BHP Billiton and Rio Tinto together will spend $US4 billion ($A3.75 billion) to increase production at the Escondida copper mine in Chile.

 Australian stocks opened lower this morning, with market players using the downgrade of three European countries as a catalyst to sell out of equities.