AAP

Perth-based Protean Energy has signed agreement with the Shire of Northampton that paves the way towards installing a commercial-sized wave energy conversion platform north of Geraldton.

Telecommunications provider Optus has posted a 4.9 per cent fall in quarterly profit to $161 million, describing the result as "resilient" amid intense competition and discounting.

Federal government plans to return the budget to surplus in 2012-13 will be just "a dream" by the weekend, Opposition Leader Tony Abbott says.

Inbound passengers at all of Australia's international airports are expected to be hit by delays this afternoon as government quarantine staff walk off the job.

Cooper Energy shares jumped after the junior oil and gas producer said it had been approached by several parties for a merger or outright takeover.

India's prime minister has pulled out of the Commonwealth Heads of Government Meeting in Perth, stunning organisers who considered him a major drawcard for the October event.

David Jones has downgraded its profit forecast for the first half of fiscal 2012 as first quarter sales show no improvement from the preceding quarter.

The gold price continues to climb to fresh all-time highs as global markets return to bear territory amid concerns about debt contagion in Europe spreading to France.

Telstra shares are one of the top performers on the Australian market after the company reported a 17 per cent fall in annual profit but forecast improvements in revenue and earnings in the year ah

The Australian share market recovered early heavy losses to be only slightly lower at noon, after a negative lead from global markets overnight was offset by better-than-expected results from Telst

Federal Assistant Treasurer Bill Shorten has taken aim at Western Australian Premier Colin Barnett, accusing him of playing petty politics over a national disability insurance scheme.

The Australian dollar was trading close to two US cents lower today, after rumours of bad economic news out of France sparked a global sell-off.

US stocks plummeted over four per cent yesterday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous.

Business chiefs see more turmoil – The Fin; India's PM pulls out of CHOGM – The West; Disability scheme could cost WA $600m – The West; Taxes 'will drive investors away' – The Aus; Lanco ends threat to stop coal supply – The Aus

The live cattle trade to Indonesia is slowly recovering, with Wellard Rural Exports the latest company to apply to the federal government for a permit.

Australian consumers aren't happy about the frantic swings in financial markets in the past week, with new data showing confidence sinking to its lowest level in two years.

The world isn't headed for a second global financial crisis, it just hasn't shaken off the first one, Commonwealth Bank of Australia chief executive Ralph Norris says.

The spillage of 15 tonnes of genetically modified canola onto Albany Highway has raised fears over contamination of nearby non-GM crops.

The federal government's leading employment index has fallen for a fourth straight month in August, following on from three consecutive monthly increases.

First it was thought the carbon tax would apply to 1000 of Australia's biggest polluters, then it was 500, and now the climate change department says it's "more like 400".

Beware of people promising gifts from Kevin Rudd and Oprah Winfrey, the boss of the Australian Tax Office has warned.

Tiger Airways Australia has been cleared to resume flights, about six weeks after it was grounded by the air safety regulator.

BHP Billiton chairman Jac Nasser says Australians should feel quietly confident amid the downturn in markets.

A referendum on piping water from the Kimberley to Perth would finally give Premier Colin Barnett the imprimatur to go ahead with the plan, Federal Liberal MP Don Randall says.

Shares in Beach Energy rose after the oil and gas producer reported a strong resource estimate for its Holdfast-1 and Encounter-1 shale gas wells in the Cooper Basin, South Australia.

Shares in WorleyParsons surged after the company announced it had won two new overseas contracts.

Consumer sentiment has fallen further into negative territory, as concerns about the state of the global economy added to persisting worries about interest rates, housing prices and the carbon tax.

Developer Stockland has posted a 58 per cent rise in annual profit, and says it expects to maintain earnings in the current year.

Treasurer Wayne Swan is confident the Chinese economy will continue to grow strongly, providing a major plank of support for Australia in a turbulent world economy.

Commonwealth Bank of Australia shares are the worst performing of the big four banks after it forecast little improvement in credit demand and potentially higher funding costs.

The federal government has not asked Treasury whether its plan to introduce a carbon tax in mid-2012 should be reconsidered given the current global market turmoil.