AAP

A slump in consumer confidence stands as a warning that fear of the carbon tax is emerging as a risk to the economic outlook.

Australian shares closed higher after defying weak offshore leads and receiving a boost from better than expected Chinese economic growth data.

Premier Colin Barnett is backing the introduction of light rail in "car-intensive" Perth and predicts increasing government investment in public transport.

Rio Tinto-majority owned coal miner Coal & Allied Industries has reported a rise in first half production, and says it's on track to achieve a full year lift of five to 10 per cent.

Western Australian households will be slugged an extra $115 a year on their electricity bills because of the federal government's carbon tax, Premier Colin Barnett says.

Shares in junior shale gas explorer New Standard Energy rose after energy giant ConocoPhillips agreed to take part in its flagship Goldwyer project in Western Australia.

Aquila Resources has started legal proceedings against its Isaac Plains coal mine joint venture partner, Vale, seeking damages for four shipments it says the Brazilian giant prevented from being exported.

Premier Colin Barnett says his state has no intention of seceding and his mines minister's push for such a split is just a personal view.

Retail stores in the Perth Special Trading Precinct will be allowed to trade until 9pm on the Queen's Birthday holiday to encourage people to visit the city during the Commonwealth Heads of Government Meeting.

Energy Resources of Australia has increased its full year uranium oxide production forecast by 8.3 per cent as it gets its processing operations going after a closure because of rain.

Rare earths supplier Lynas Corporation's Malaysian subsidiary will spend up to $US210 million ($A199.2 million) on the second phase of construction on a planned refinery plant in Kuantan.

Agricultural chemicals supplier Nufarm says it will report underlying operating profit of $67 million to $73 million when it releases its full year results.

The nation's consumer watchdog will be the "cop on the beat" to prevent price gouging under the government's planned carbon pricing scheme.

Zinc and copper producer Kagara posted a 121 per cent jump in zinc production for the June quarter on a reduced cash cost of 74 US cents (69.60 Australian cents) per pound.

Australian shares opened higher with stronger commodities prices helping the local market to defy a negative lead from global markets.

US stocks closed lower after Moody's knocked Ireland's bond rating to junk, saying the country would likely need another rescue.

The Australian dollar was trading higher this morning, as European finance ministers continue discussing ways of containing their sovereign debt crisis.

Electricity bills to rise $115 with carbon tax – The West; Greens capture $10bn fund – The Aus; Banks cash in on carbon market – The Fin; States in $26bn dividend raid – The Fin; Demands on developers 'pushing house prices up' – The West

Australian cities remain among the most affordable destinations for businesses to operate in across the Asia-Pacific region, despite the strength of the Australian dollar.

Fortescue Metals Group has started doing transactions in China in renminbi (RMB) in a step towards conducting further trade in the Asian superpower's currency.

Australian stocks sank to their lowest point in July so far after a sharp sell-off on renewed concerns over the carbon tax and international debt woes.

Australia needs an independent media watchdog to guard against a potential News of the World phone hacking scandal happening here, Greens leader Bob Brown warns.

Prime Minister Julia Gillard says she's "very confident" Treasury modelling has correctly assessed that the cost of living will rise by less than one per cent under the carbon tax.

Brazilian mining giant Vale has moved to resolve an impasse with joint venture partner Aquila Resources that will keep their Isaac Plains coal mine in Queensland operating.

Gindalbie Metals is on track to begin magnetite iron ore shipments from its flagship $2.57 billion Karara project in June next year.

Carmakers face a bill of more that $30 million a year as a result of a $23 carbon price, the automotive industry has warned.

Conditions in the retail sector have fallen to "worryingly low levels" in June, as Australia's economy struggles to recover from the flood related slowdown it suffered in late 2010, a survey shows.

Shares of coal producers gained after Macarthur Coal, which surged almost 40 per cent, received a second offer from the US' biggest coal miner, Peabody Energy Corp.

The Australian share market fell sharply in opening trade on weak offshore leads prompted by fresh fears of contagion throughout Europe from Greece's debt crisis.

US stocks plummeted as worry about Europe's worsening debt crisis clouded markets already weaker after Friday's poor United States economic data.

The Australian dollar was trading almost half a US cent lower, as investors worry that Europe's debt crisis is spreading to Spain and Italy.

Carbon tax triggers price rises – The Fin; Miner bets $5bn on future of coal – The Aus; Don't point at us, Beijing told – The Fin; Added costs will hurt us internationally: Rinehart – The West; Export cattle still face a cruel death – The West