Government

The benchmark S&P/ASX200 index has slipped to its lowest level for the year.

Growth forecasts have been cut and deficits are higher across the next four years in the federal government’s budget update released in Perth today, with Treasurer Scott Morrison touting a reduction in spending growth as revenue continues to plummet.

The Australian share market is higher in early trade, on the back of positive cues from Wall Street, but the S&P/ASX200 remains below the crucial 5,000 level.

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The Australian dollar has firmed following a rebound in commodity prices overnight.

Global equity markets have swung between gains and losses, as volatile oil prices rebounded from multi-year lows while weakness in credit markets weighed on sentiment before an expected US interest rate rise.

Gold has fallen one per cent ahead of a Federal Reserve policy meeting this week, which is expected to announce the first interest rate rise in nearly a decade.

German shipbuilder ThyssenKrupp is continuing to advance its case for the federal government’s upcoming submarine contract, worth around $20 billion, partnering with Civmec to build a small demonstration hull in Perth.

The federal government’s National Innovation and Science Agenda, released last week, has been well received by Western Australia’s business community, despite mixed evidence that publicly funded incentives for research affect growth.

Former resources minister Ian Macfarlane, who has served in federal parliament since 1998, says he'll use the Christmas break to contemplate his future, after Queensland's Liberal National Party said today it wound not support his switch to the National Party in Canberra.

The Australian share market has fallen sharply to close below 5,000 points - an important psychological level - as mining and energy stocks took a beating on lower prices for iron ore and oil.

Perth conservationist Harry Butler has been praised for his work as a community educator and a partner with industry, after passing away on Friday following a lengthy illness.

Austal has won a $63 million contract to build two patrol boats for the Australian Department of Defence, with the terms of the deal signed with National Australia Bank including a buy-back clause.

The Australian share market has again slipped below the crucial 5,000-level in early trade on Monday, with mining and energy stocks inflicting the most damage.

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The Australian dollar has been weighed down by continued declines in commodity prices.

Gold prices have bounced, erasing earlier losses as the US dollar and US Treasury yields fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely US rate rise.

The Department of Education is advising state schools against establishing new farmers’ markets on their grounds amid growing demand for the popular weekend attractions.

WA needs to get behind its early stage tech sector or risk losing 25 per cent of state GDP.

NAB chief economist Alan Oster predicts the start of production at the swag of new LNG facilities under construction, and good performance in the services sector, will help Australia avoid a recession next year.

State governments have agreed taxes they control such as payroll and stamp duty could be targets as part of the federal government’s tax reform agenda next year, which many tip will involve an increase in the GST.

The Australian share market is slightly weaker as it consolidates ahead of a US interest rate decision next week.

The Australian share market has opened lower as the key mining and bank stocks lose ground and as investors exercise caution ahead of next week's US interest rate decision.

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US stocks have closed higher after a three-day decline but sharply pared gains late in the session as oil dropped to near seven-year lows and the strong US dollar weighed on sentiment.

US stocks have climbed but other major world equity markets were little changed ahead of a widely expected interest rate hike by the Federal Reserve next week, and oil resumed its slide over persistent worries about weak demand and a supply glut.

Gold futures prices have edged lower and are vulnerable to further weakness as the dollar rebounded and ahead of a widely anticipated US interest rate rise next week.

The Australian dollar is holding its ground after making big gains after the release of the strongest jobs figures since the 1980s.

Deputy Premier Kim Hames will stand down from that role in February next year, but will remain as minister for health and tourism as he prepares for his retirement from politics at the 2017 state election.

The Australian share market has closed lower as big investors look to markets overseas for better value shares.

Western Australia’s unemployment rate has lifted 0.2 per cent in November to 6.6 per cent in seasonally adjusted terms and employment eased back from a record high, in contrast to strong employment growth in the rest of the country.

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