AAP

The Australian dollar was almost one and a half US cents lower at noon, amid weakening commodity prices and weaker than expected retail sales data.

Aged care workers will be the first in the nation to use the low-paid bargaining powers of the Fair Work Act to push for better pay after their union won a landmark court case.

Wet weather continues to hurt Santos Ltd's operations, with production tipped to be four per cent lower than previously forecast.

Rio Tinto chief executive Tom Albanese told shareholders in Perth today the mining giant is running strongly and benefiting from favourable, albeit volatile, markets for its products.

Treasurer Wayne Swan has rejected the assertion of an independent economic forecaster that the upcoming budget is unhealthy and that Australia's economy is fragile in the long term.

Retail trade and building approvals data released show an expected slowing down of the non-mining part of the Australian economy and should not change the outlook on interest rates.

Westpac has rejected claims it is has joined a "carbon revolt" and is now opposed to the Gillard government's plan to price pollution.

The Australian share market opened lower this morning, following weak offshore leads as the United States market lost ground.

National Australia Bank has increased first half profit by 15.9 per cent as it cements top spot in business banking, a market which it says will grow this year.

Serious doubts about the health of the job market and the pace of the US economic recovery put markets on edge on Wednesday.

The Australian dollar was over one US cent lower this morning as commodity prices continue to fall.

Skills plan to recruit 30,000 Indian workers – The Fin; Westpac joins carbon revolt – The Aus; Proposal for legislation to protect Margaret River – The West; ASIC probes Leighton over write-downs – The Fin; Heat on MIS directors – The West

The Australian share market slipped to a five-week low on a broad-based sell-off sparked by profit-taking in the oil and gas sector and a lack of good earnings news from banks.

Federal Resources Minister Martin Ferguson says the prime minister will use a dinner with business leaders to explain why the carbon tax is an economic necessity for the nation.

The entry of Japanese-owned Chi-X Australia as an alternative securities exchange for the nation ends the 24-year monopoly of the Australian Stock Exchange.

Westpac has delivered an upbeat assessment of the Australian economy and a positive outlook for consumers, in contrast to comments from rival ANZ a day earlier.

An honest government would use next week's budget to demonstrate how the troubled national broadband network would be delivered and at what cost, Opposition Leader Tony Abbott says.

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

Finance Minister Penny Wong has challenged Opposition Leader Tony Abbott to show how he would bring the budget back to surplus a year earlier than the government.

West Australian Premier Colin Barnett has ruled out any subsidisation of the state's power station operator Verve Energy, which says it would be potentially burdened by $200 million in extra costs under a carbon tax.

Iron ore miner Fortescue Metals Group has lost its bid to overturn an Australian Competition Tribunal ruling that kept Rio Tinto's Hamersley rail line closed to smaller rivals.

Prime Minister Julia Gillard will launch a fresh bid to convince business leaders of the value of her carbon tax, as a new poll suggests fewer than one in three voters support it.

Miner Anglogold Ashanti has confirmed quarterly production guidance, saying strong performances at its overseas operations have offset disruptions due to weather at its Sunrise Dam mine in Western Australia.

Tap Oil has agreed to sell 25 per cent of a Western Australian natural gas exploration permit for $US30.2 million ($A27.66 million) to a joint venture of Japanese trading giants Mitsubishi Corporation and Mitsui & Co.

The Australian share market slipped to a five-week low during intra-day trading on a currency-led sell-off as banks and big resources companies came under selling pressure.

After two weeks of strong earnings pumped up the markets, weak results from Pfizer and others deflated a broad earnings rally, at least for Tuesday.

The Australian dollar was lower this morning after commodity prices fell overnight and the Australian central bank gave no indication that there will be an interest rate rise soon.

ATO adds 500 to Wickenby probe – The Fin; High $A harsh reality for industries: ANZ – The West; Chinese circle Burrup Fertilisers – The Aus; Green rules 'harm' coal power stations – The West; City Link project to go to one developer – The West

A retail lobby group has urged the Reserve Bank to maintain the interest rate freeze until at least the third quarter.

The Australian share market closed in negative territory on broad-based losses as the impact of the strong local currency on forthcoming corporate earnings results weighed on investors.

The Reserve Bank of Australia has decided to keep the cash rate steady at 4.75 per cent at its regular monthly board meeting today.

The upcoming federal budget is likely to lack any gutsy decisions to prepare the Australian economy for the re-emerging mining boom, an economist says.