AAP

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.

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

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

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

Chevron has inked a sales deal with JX Nippon Oil and Energy Corporation for liquefied natural gas from its $43 billion Gorgon project offshore from Western Australia.

OZ Minerals has agreed to pay $55.1 million, plus costs, to settle two class actions related to its alleged failure to disclose material information about its financial position.

The Australian share market closed lower today, led downwards by the major banks as investors sat on the sidelines ahead of the federal budget release tonight.

BHP Billiton says it will spend about $260 million extending Canada's first diamond mine, situated in the nation's remote Arctic region.

Western Australia's peak resource sector association says the boost to skilled migrant numbers, expected in the federal budget, will hardly solve the state's labour shortage.

Magnetite iron ore producer Grange Resources says its Southdown project at Albany will cost $2.57 billion to develop.

The West Australian government may demand compensation if the federal government moves to means-test the private health insurance rebate.

The Australian share market reversed course to trade lower by noon, dragged down by banks and investors withdrawing to the sidelines ahead of the federal budget's release tonight.

A larger than expected trade surplus is likely to keep the central bank focused on a possible rise in the official interest rate over the next few months, economists say.

OneSteel has lowered its profit guidance for the second half of 2010/11 due to the higher Australian dollar, lower sales and margins, and bad weather.

Treasurer Wayne Swan has pledged that the budget will be back in the black in 2012/13, while focusing on job creation and providing opportunities for everyone from the mining boom.

The Australian share market has opened around half a per cent higher this morning.

A revival in commodities prices pushed up US equity markets Monday as they shrugged off new turmoil in the eurozone after S&P's downgrade of Greece's sovereign debt.

The Australian dollar was trading around half a US cent higher today, pushed up by rising commodity prices.

Greens slam key budget measures – The Aus; BHP demands staged carbon tax - The Fin; Skilled worker boost 'will not be enough' – The Aus; Blow to airport road plan – The West; Waterfront buildings too high, city planners warn – The West

BHP Billiton chairman Jac Nasser says he is worried about state-owned companies investing in Australia.

Treasurer Wayne Swan has promised "substantial savings" in tomorrow's federal budget, but financial markets doubt this will be enough to stop the Reserve Bank from raising interest rates in the next couple of months.

The Australian share market finished flat as investors backed off ahead of the release of the federal budget tomorrow.

Interest rates could be on their way up as early as June if official data due on Thursday confirms a further tightening in the labour market, economists say.

Shares in Spotless Group have jumped 14 per cent after the group received a $657 million takeover offer from a private equity firm.

Shares in Caltex Australia rose after the oil refiner and marketer flagged a lift in first half production.

Qantas engineers will stop work for an hour on Friday following a breakdown in wage negotiations with the airline.

BHP Billiton chairman Jac Nasser says the shift of economic weight and global rebalancing to Asia is the most significant event since the industrial revolution.

Business conditions worsened in April, hit by the rising Australian dollar and by an anticipated interest rate rise by the central bank, a survey shows.

Dentistry clinics, primary health care training facilities, renal dialysis chairs and patient accommodation are among the projects being funded by the federal budget for regional Western Australia.