AAP

Retail trade figures for April rose higher than expected, led by a recovery in department store sales.

Ord River Resources has signed a memorandum of understanding with its Chinese construction partner to develop a $US600 million ($A565 million) alumina refinery in Laos.

Wesfarmers says heavy rainfall during the April quarter at its Curragh metallurgical coal mine in Queensland has hampered recovery efforts, forcing the company to downgrade sales guidance.

Qantas is investigating how five rats got on board an aircraft that had to be grounded in Sydney on Tuesday.

Treasury secretary Martin Parkinson has admitted the latest national accounts, showing a sharp drop in growth in the March quarter, was marginally larger than he had expected.

Rio Tinto says a tie-up with Chinalco, China's largest alumina producer, will give it unprecedented access to explore resource-hungry China for copper and other minerals.

The Australian securities market has opened more than 1.5 per cent lower after gains were wiped off US markets overnight.

The Australian dollar was over one US cent lower and investors sought safe have assets after batch of weak US economic data overnight.

Fears that the US economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market's gains for the year.

Labor eyes $20 a tonne for carbon – The Aus; WA powers as disasters rock rest of country – The West; Rottnest resort bid hits trouble – The West; Forrest steps back at FMG – The Aus; Farmer pins blame on abattoirs – The West

Former Treasury secretary Ken Henry has been appointed as a part-time adviser to Prime Minister Julia Gillard.

West Australian Treasurer Christian Porter says he expects his federal counterpart Wayne Swan to step in to stop the state being overpenalised for lifting royalty rates on iron ore.

Australian stocks overcame a weak start to finish flat, as market players digested positive manufacturing data from China and better-than-expected domestic gross domestic product (GDP) figures.

West Australian Health Minister Kim Hames has told a budget estimates hearing he prefers the more expensive option in redeveloping the state's largest hospital.

Retailers are urging the Reserve Bank of Australia to leave interest rates alone when it meets next week, after Australia's economy suffered its biggest quarterly contraction in two decades.

The cattle industry should shift gradually to exporting carcasses and meat to Indonesia to avoid brutal animal slaughter practices in that country, West Australian Premier Colin Barnett says.

The threat of higher interest rates is based on a forecast that requires the economy to post the strongest quarter of economic growth for 28 years.

Australian manufacturing activity contracted in May for the third consecutive month, dragged down by weak domestic demand, cheap imports and the strong Australian dollar, a survey shows.

West Australia Premier Colin Barnett says he has made it very clear to Indian power giant Lanco Infratech it cannot renege on a coal deal affecting 10 per cent of the state's electricity supply.

The company building the national broadband network has chosen Ericsson to supply wireless broadband services in remote areas for the national broadband network.

BHP Billiton says it will gain a $US580 million ($A543.33 million) tax credit, after it won a long-running dispute with the Australian tax commissioner in the High Court.

Federal Treasurer Wayne Swan has blamed the summer's floods and cyclones for the biggest quarterly contraction in the economy for 20 years.

The cattle industry and rural communities dependent on live exports have urged caution, as the federal government faces pressure to impose bans on Indonesia.

Resources giant Woodside Petroleum has agreed to a $170,000 settlement payout with a former executive over a sexual discrimination claim.

Shares were flat at the open this morning, despite strong leads from trading offshore overnight.

The acquisition of Australia's Equinox Minerals by Canada's Barrick Gold has cleared a hurdle with authorities in Zambia, where its major copper projects are located.

US stocks shook off weak US economic reports on Tuesday, amid rising hopes that Greece will reach a deal to keep a debt default at bay.

The Australian dollar was lower against most major currencies this morning, weighed down by weak trade figures.

Households gain in carbon plan – The Fin; Worst result in at least 20 years – The Fin; Employer group pushes IR overhaul – The Aus; Oswal forces Yara to pull explosives plant – The West; Woodside in $170,000 payout – The West

Hills Holdings has forecast annual earnings to fall by up to 40 per cent, as it closes it Orrcon Steel pipe facility in NSW following "unsustainable" losses.

A financial firm bought by Lehman Brothers Australia generated over $60 million in profits by misleadingly selling high-risk investment products to local governments, a court has been told.

Opposition Leader Tony Abbott has potentially headed off the resignation of the Speaker and a political crisis, after a dramatic turn in federal parliament.