AAP

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.

Myer Holdings says discount department stores are chomping away at the market share of upmarket chains as consumers continue to belt-tighten.

Building materials supplier Boral says it remains on track to deliver a turnaround in annual net profit, despite soft residential markets and bad weather earlier in the year.

Woolworths says it will change the way it labels fruit and vegetables after being named and shamed for describing imported produce as Australian grown.

Treasurer Wayne Swan says the federal budget is about positioning Australia to take advantage of consumer growth in Asia.

A Perth stockbroker given a suspended jail sentence for market rigging has had his convictions quashed.

Commonwealth Bank of Australia posted third quarter unaudited cash earnings of around $1.7 billion amid "subdued" credit demand and "fragile" consumer and business confidence.

BC Iron's spurned suitor Regent Pacific says it won't offer a better price for the junior iron ore miner after BC Iron terminated the on again, off again $345 million takeover.

The Australian share market was higher at noon on some positive corporate news and speculation that inflation in China during April may be lower than expected.

Shares in Forge Resources tumbled after rare earths explorer Lynas Corporation terminated a deal to sub-lease phosphate, tantalum and niobium-prospective areas at its Mount Weld project to Forge.

Mean and deceptive. That's how West Australian Premier Colin Barnett described federal Treasurer Wayne Swan's fourth budget.

The Australian dollar was trading three quarters of a US cent higher this morning, following gains on US equities and rising commodity prices.

US shares pushed higher on Tuesday after Microsoft's $8.5 billion deal to buy Skype gave a strong bump to tech stocks.

Turning deficit to surplus – The Fin; GST carve-up battle to intensify – The West; Extra money, but more needed – The Fin; $22bn saved to enable tweaks – The Fin; Migrants to ease skill shortage of boom – The West

Coal, iron ore puts surplus in the black – The Fin; Pressure on WA to speed up port works – The Fin; Miners to drive spending splurge – The Aus; Port finds high lead levels in shipment – The West; Dairy farmers wary of set price – The West