AAP

Prime Minister Julia Gillard has tried to soothe concerns that medical research funding will be cut in the budget, saying there has never been more money invested in the area than under her government.

Shares in gold miner Newcrest Mining fell 1.6 per cent, after the company downgraded full year production guidance due to extreme wet weather on the east coast and political unrest in Africa's Ivory Coast.

Interest rates look set to stay where they are for a while, with the Reserve Bank of Australia seeing no case to raise the cash rate when its board met earlier this month.

Woodside Petroleum is battling to meet the start-up date for its Pluto liquefied natural gas project after cyclone-related weather delays in Western Australia that cut its March quarter production by 12 per cent.

The Australian share market followed offshore markets lower in opening trade, falling one per cent as investors digested the decision of ratings agency Standard & Poor's to cut the US sovereign debt outlook rating to "negative".

The Australian dollar has opened almost half a US cent lower as concerns over the eurozone's debt levels continue to dampen risk appetite.

BHP's $48bn iron expansion – The Aus; CEOs plan carbon tax showdown – The Fin; States face $6bn hit to revenue – The Fin; WA considers reneging on COAG deal – The Fin; Dollar forces big fall in land prices – The West

International credit rating agency Standard & Poors has raised its long-term corporate credit rating on miner Rio Tinto to A- from BBB+.

US stocks plunged on Monday after ratings agency Standard & Poor's issued its first warning on US debt, citing Washington's inability to tackle looming fiscal deficits.

Australia faces a shortage of skilled workers if the government fails to broaden its IT education programs in line with the NBN rollout, a parliamentary committee has heard.

A federal court judge has extended a freeze on assets owned by Radhika Oswal, the wife of fertiliser tycoon Pankaj Oswal, as the Australian Taxation Office (ATO) seeks to recover an alleged tax debt of $140 million.

The Australian share market shrugged off negative sentiment in early trading to close slightly higher as the big banks made up for softness in the resources sector.

Australian residential land sales have reached their lowest level in a decade, after almost halving from a year earlier, a housing report shows.

OM Holdings has rejected a major shareholder's claims the manganese miner hasn't provided enough information about a planned issue of new shares and dual listing in Hong Kong.

Leighton Holdings has responded to a `please explain' letter from the Australian Securities Exchange by saying it told the ASX as soon as was aware that it was going to report a full-year loss.

The Australian securities market has opened moderately stronger after Wall Street closed higher on Friday, while oil and gold prices firmed.

Australia's food and grocery sector has waded into the climate change debate saying Labor's proposed carbon tax could cut competitiveness, cost jobs and slash living standards.

Food giants join war on carbon tax – The Aus; Labor hits 15-year low in latest poll – The West; WA power revamp on cards – The Fin; Lynas investors cry foul over Forge sale – The West; Skywest rocked as chief resigns – The West

The skills shortage re-emerged in the March quarter as the rebuilding effort after a string of natural disasters led to demand for skilled labour outstripping supply.

The Australian dollar has opened stronger, as the market awaits minutes from the central bank's April board meeting due on Tuesday.

The US stock market rose on Friday as US inflation data showed prices rising in line with traders' expectations, but tech stocks were slowed by disappointing Google earnings.

The nation's capital remains the best performing economy in the country overall, even outpacing Western Australia, but Victoria is catching up with the leaders.

Gold rose one per cent to a record and silver soared on Friday, as inflation worries amid a crude oil rally and a downgrade of Ireland's sovereign debt powered bullion to its fifth consecutive weekly gain.

West Australian Treasurer Christian Porter claims Victoria "is making a killing" off the back of his state's strong mining industry.

Treasurer Wayne Swan says next month's budget will be just as difficult as the other three he has handled.

Three former Federal Court judges have been hauled out of retirement to hear an appeal in Australia's longest-running court case, involving a consortium of banks and the Bell Group, once controlled by fallen tycoon Alan Bond.

The Australian stock market fell, to record the first weekly decline after three weeks of gains, as the prospect of further interest rate hikes in China saw investors err on the side of caution.

Manganese miner OM Holdings has returned fire after its biggest shareholder said it would take legal action to try and stop plans for a $500 million share raising.

Africa-focused uranium miner Paladin Energy says it expects production at the lower end of its forecast range for this financial year due to abnormal rainfall its mine in Namibia and a diesel shortage at its Malawi mine site.

West Australia's energy safety regulator will not prosecute electricity infrastructure operator Western Power over the 2009 Toodyay bushfire.

Steel should be exempt from Labor's proposed carbon tax, Australia's biggest manufacturing union says.

West Australians will find it harder to dodge jury duty under new legislation passed by parliament which slashes the number of people automatically exempt.