AAP

The West Australian government has defended pharmaceutical company sponsorships after documents revealed health officials accepted $745,000 in gifts, travel and accommodation in eight months.

West Australian Opposition Leader Eric Ripper has used his budget reply address to attack the federal government over its threats to cut the state's infrastructure funding.

Oil and gas giant Santos has announced a new oil discovery at Finucane South in the Carnarvon Basin.

It could take up to three weeks before it's known whether Qantas pilots will strike for the first time in 45 years.

The Australian share market opened slightly lower, dragged down by European debt concerns but balanced by a surge in oil and energy stocks.

The Australian dollar was marginally higher this morning after commodities prices rose fuelled by safe-haven buying.

US stocks edged down on Tuesday as two banks predicted oil prices will rise to $US130 a barrel and data showed the market for new homes remained weak.

Swan accused of lying in royalty row – The Aus; Greens relent over carbon tax – The Fin; Libs are drunk on debt: Ripper – The West; Patrick escalates wharfies row – The Aus; US landowners sue BHP over shale gas – The West

The federal coalition has refused to say if it supports West Australian Premier Colin Barnett's plan for a floor to be placed on GST revenue.

The Australian share market has closed slightly lower but bounced back from earlier lows caused by concerns about European sovereign debt.

The chief executive of construction giant Leighton Holdings says he doesn't know if former boss Wal King is set to return to the company.

Three quarters of Australia's small and medium sized businesses are either better off or unaffected by the high local dollar, research suggests.

West Australian Nationals Leader Brendon Grylls has rejected an independent report that says his pet policy to develop communities in the Pilbara and Gascoyne regions is doomed to fail.

Global testing services group Campbell Brothers has reported a 75.7 per cent rise in full year net profit and says it expects further growth in its business in the current year.

West Australian Premier Colin Barnett says federal Treasurer Wayne Swan has shown little understanding of the iron ore industry in his attack on the state's budget.

Wesfarmers has downgraded its sales volume forecast for its Curragh mine in Queensland due to recent rainfall and a mechanical failure.

Australian shares have opened lower due to a weak lead from Wall Street and concerns about Europe's debt woes.

After three days of bad news about Europe's debt crisis sent Asian and European markets down on Monday, it was Wall Street's turn.

The Australian dollar was almost half a US cent lower this morning amid worries that the European government debt contagion is spreading.

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Traditional landowners have been granted native title over 26,000 square kilometres in Western Australia's north Kimberley region.

The Australian share market ended the day deeply in the red at a two-month low as finance stocks lost the most ground amid widespread selling.

Federal politicians struggling with parliament's extended sitting hours are demanding more moderate working hours.

Opposition Leader Tony Abbott is using a new report about global warming as a tick of approval for the coalition's direct action policy on climate change.

The solar-energy industry has warned that Western Australia's solar panel installers could go bust by the end of the year after changes announced to the government's feed-in-tariff scheme.

Shares in Australia's big banks have come under heavy selling pressure as short-sellers take their toll, attracted by banks' lending vulnerability amid a two-speed economy.

Prime Minister Julia Gillard remains concerned about a West Australian government plan to increase mining royalties on iron ore and says the issue remains up for discussion.

Junior minerals explorer Blackthorn Resources says mining giant BHP Billiton has terminated the Mumbwa joint venture partnership, withdrawing from the copper-gold project in Zambia.

BP says loading times at its Port Hedland fuel terminal in Western Australia have been cut by 40 per cent.

Agribusiness Elders has posted a $14.6 million first half loss, smaller than a year ago, and lowered its forecasts for full year underlying profit.

Virgin Australia is the latest airline to announce a new fare structure, reducing the number of fare options from five to three.

Australian shares have opened lower due to a weak lead from Wall Street and concerns about Europe's debt woes.