AAP

The federal government is adamant returning the budget to surplus is not reliant on continued growth in China, as it prepares to introduce its mining tax next year.

Takeover target Equinox Minerals has posted a first quarter loss of $21.4 million due mainly to costs associated with the copper miner's withdrawal of its own takeover bid, for a Canadian company.

Business leaders want next week's federal budget to deliver increased productivity, by addressing shortages in skilled labour and infrastructure, to rectify the country's increasing economic disparity.

Australian shares closed marginally weaker despite recovering from earlier lows caused by steep falls overnight in commodity prices.

The silver price has overshot the metal's fundamentals and a correction is due, an analyst says.

West Australian shadow attorney-general John Quigley says the government is lucky it's been able to plead guilty to such a minor charge in relation to the death in custody of an Aboriginal elder.

Travelling photographers are scamming thousands of dollars from indigenous families in Western Australia's Kimberley region, a consumer agency says.

"Short-term weakness, long-term strength" has been Treasurer Wayne Swan's mantra in the build up to his fourth budget.

Federal government climate adviser Ross Garnaut will release additional papers at the end of the month detailing how much money is expected to be raised by Labor's carbon tax and how it should be spent.

Australian construction activity fell in April for the 11th consecutive month, a report says.

Sharp falls in resources stocks after drops in commodity prices have seen the Australian share market open lower.

The Australian dollar was at two-week lows this morning after commodity prices plummeted overnight.

US equity markets plunged on Thursday after oil and gold prices dropped, pulling energy and commodity stocks sharply lower.

Pay young to head west, Barnett says –The Aus; Industry digs in its heels on PM's carbon tax –The West; FBT reform saves budget $1 billion –The Fin; HBF fights means test rebate threat –The West; Former Great Southern director tells of mistrust –The West

The federal government is to wind back generous subsidies for home solar electricity panels, a move welcomed by the industry as providing long-term certainty.

The federal government's draft marine parks plan for Australia's southwest will affect the commercial fishing industry, but the environment minister says it will be compensated.

The Australian share market recovered from a negative start to close marginally firmer.

Rio Tinto chief executive Tom Albanese has dismissed speculation the mining giant could be planning a takeover bid for aluminium giant Alcoa.

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.