AAP

The Australian Greens want to cap the pay packets of corporate bosses, proposing a limit of 30 times the average wage of their workers.

Opposition Leader Tony Abbott says his budget speech-in-reply offered "vision" in contrast to Labor's "spin".

Qantas engineers have scrapped strikes planned for next week and ruled out industrial action for at least a month, the airline says.

Gold miner St Barbara says it has approached the board of Catalpa Resources with a merger proposal to form "a leading Australian mid-tier gold company" forecast to produce around 480,000 ounces of gold in fiscal 2012.

The Australian market has recovered slightly in opening trade, following a recovery on Wall Street in both commodities and equities.

A small recovery in commodities and a rally in companies that make consumer staples like toilet paper and pasta helped the financial markets reverse a decline Thursday to end the day with modest gains.

The Australian dollar was close to one US cent higher this morning, as traders digest local employment data and as debate continues on the chances of a June cash rate rise.

Abbott throws his lines into Labor's vote pool – The Aus; Big Australia plan downsized – The West; Qantas plans Asian airline to bust unions – The Fin; New Woodside boss sticks to guns – The Aus; Murchison boss flags exit – The West

BlueScope Steel has blamed the soaring Australian dollar for an expected second half loss, in the same week OneSteel slashed its profit guidance.

Australia and India have vowed to double two-way trade flows within five years and agreed to work out a far-reaching free trade deal to underpin further growth.

Employees who work for 10 years or more behind a desk may have an increased risk of developing bowel cancer, West Australian researchers say.

The Australian share market closed at a seven-week low after a slump in commodity prices, particularly oil and copper, weighed on the resources sector.

Meridian Minerals says its major Chinese shareholder has signed a non-binding agreement to buy its Lennard Shelf lead and zinc project in Western Australia for $78 million.

Aquila Resources says the Hardey deposit at its West Pilbara iron ore project in Western Australia will cost $1.6 billion to develop.

The Australian dollar was 2.5 US cents lower at noon, as a surprise fall in local employment numbers pushed back expectations of a cash rate hike from the Reserve Bank.

A continued downward trend in the unemployment rate will still have the central bank concerned and expectations are that interest rates will soon be going up.

Prime Minister Julia Gillard has rejected opposition claims of a "class war", saying budget changes to benefits would help 90 per cent of families.

Fairfax Media has confirmed it will outsource all sub-editing work from its flagship Sydney and Melbourne newspapers, the Media Entertainment and Arts Alliance says.

The Gillard government is putting the pressure back on Opposition Leader Tony Abbott to put up or shut up when he delivers his budget in reply speech on Thursday night.

Qantas passengers have been spared a horror Friday with the airline's engineers calling off a strike at the last minute, citing safety worries over recent technical mishaps.

Australian stocks have opened more than one per cent lower, led by the miners, after commodities and US equities slumped overnight.

Tumbling demand for commodities and a drop in the euro led to a broad stock sell-off on Wall Street on Wednesday that pulled the Dow Jones industrial average down by 130 points.

The Australian dollar was around 1.5 US cents weaker this morning, after signs of economic slowdown in the United States and China pushed commodities lower overnight.

WA in new fight with PM on skills – The Aus; Swan flags personal tax reform – The Fin; Miners face training slug – The Fin; Orica given green light on Burrup as Oswal sues – The Fin; Buy a humble house for starters: Premier – The West

A WORKMAN seriously injured when his arm was sucked into an industrial vacuum hose has won compensation of $265,000.

The competition watchdog has raised concerns about Wesfarmers' potential acquisition of Burrup Fertilisers, saying it could squeeze competitors out of the market.

The Australian Greens want the federal government to go back to the drawing board on welfare changes and skilled migrants, only a day after the budget was delivered.

West Australian Workforce Development Minister Peter Collier has warned of massive labour shortages in Perth if the federal government continues to ignore their calls for skilled migrant status.

Commonwealth Bank of Australia expects to pass on up to two more official interest rate rises to borrowers in 2011.

Virgin Australia and Delta Air Lines have won US government approval to form a joint venture on trans-Pacific flights.

Uranium explorer Extract Resources says a proposed takeover offer by a Chinese firm for its largest shareholder has been withdrawn.

The Australian share market closed higher today as Chinese inflation figures boosted the resources sector.