AAP

The Australian share market closed moderately weaker, dragged down by materials stocks as investors digested lower base metals prices and the West Australian government's iron ore royalty hike.

Dairy farmers say Wesfarmers has acted with extreme arrogance in refusing a request from shareholders to hold an extraordinary general meeting to discuss Coles' ongoing milk price war.

Mining companies should fight the West Australian government for raising royalty rates like they fought Canberra over the mining tax, federal Resources Minister Martin Ferguson says.

Fortescue Metals Group has announced a maiden iron ore reserve estimate of 716 million tonnes (Mt) for the first stage of its Solomon Hub in Western Australia.

ANZ Banking Group signed another agreement with a major Chinese bank as it ramps up attempts to capture trade flows and cross-border deals between China, Australia and New Zealand.

West Australian Premier Colin Barnett is not worried that his budget may cause frustration for federal Treasurer Wayne Swan.

Australian shares have opened lower, with resources stocks weighing on the market after falls in commodity prices.

Prime Minister Julia Gillard says Western Australia will get less money for major projects and in GST payments following tax changes by the Barnett government.

US stocks overcame disappointing economic data on Thursday and ended the day in positive territory, while a dazzling market launch by LinkedIn revived dreams of another dot-com boom.

The Australian dollar is trading higher this morning, benefiting from weakness in the US currency.

Utility price rises overshadow 'people's Budget' – The West; Swan threat to rip $2bn from WA – The West; Business leaders hit out at 'lack of vision' – The Aus; Turnbull parades his ambitions – The Fin; Builders warn of $6000 hit to homes – The Aus

Western Australia's peak tourism body says the state budget's $15 million allocation for events will provide a major boost for a sector struggling in the two speed economy.

A national savings fund is needed to curb the federal government's "orgy of spending" and reap the full benefit from mining boom mark two, shadow communication spokesman Malcolm Turnbull says.

Australian shares posted a third straight day of gains as stronger commodity price gave rise to more optimistic views on the prospects for a global economic recovery.

Pallets supplier and documents manager Brambles continues to target an annual operating profit of around $US760 million ($A715.9 million), after sales in the nine months to the end of March lifted five per cent.

James Hardie Industries has signalled a return to paying dividends and good profits in the Asia-Pacific, even though the key US housing market will remain flat and costs will rise.

Treasurer Wayne Swan can't say yet where the compensation for families under the carbon tax will cut out, and it won't necessarily be at $150,000.

Fortescue Metals Group has had its corporate credit rating raised to B+ by Standard & Poor's Ratings Services, based on the iron ore producer's steady production rate.

After two budgets which were dominated by what the opposition labelled "savage" increases in electricity prices, the West Australian government is set to bring out its more charitable side.

Leighton Holdings says its Asian subsidiary has won two major contracts worth $547 million to construct the South Island Line (East) rail project in Hong Kong.

The Australian stock market opened higher today, with investors taking their cues from a positive night on Wall Street and firmer commodities prices.

West Australian Labor leader Eric Ripper has rejected a challenge from Tony Abbott to come out against the federal government's carbon tax.

Mining royalties to boost west's treasure to $4bn a year –The Aus; Disabled win $600m boost to social services –The West; Wage claims to swamp business –The Fin; Power prices to rise 30pc nationwide –The Fin; Ripper opposes GESB costs spin-out –The West

Widespread gains in commodity prices lifted energy and materials companies as part of a broad stock market rally on Wednesday after three days of declines.

Fairfax Media may sell its portfolio of radio stations, including Perth talkback station 6PR and 96fm, following “strong expressions of interest” from prospective buyers.

Federal Opposition Leader Tony Abbott has challenged West Australian Labor leader Eric Ripper to come out against the federal government's carbon tax to protect jobs in the state.

Copper and gold miner OZ Minerals says it is in a sound financial position and has significant potential to expand its operations.

Shares in Perth-based phosphate explorer Minemakers jumped after it confirmed reports it was in talks with a state-owned Indian enterprise about jointly developing its Northern Territory project.

Ratings agency Moody's Investors Service has downgraded the long-term debt ratings of Australia's big four banks due to their sensitivity to volatile wholesale funding markets.

The Australian share market finished modestly higher after Asian markets rallied and as weaker-than-expected local wage data buoyed consumer stocks.

Shares in Kimberley Rare Earths closed lower on the first day of trading on the Australian stock exchange.

Communications Minister Stephen Conroy says the boss of the national broadband network is the target of a dirty campaign.