AAP

The Australian market has opened higher following a surge on Wall Street where weak economic news continues to mean good news for share markets.

Nearly four in five Australian employers have no plans to put on new workers in the next three months.

The Australian dollar has lost some ground after weaker-than-expected US economic growth figures drove an earlier rally in the local currency overnight.

US stocks have surged after investors took a positive view of reduced growth estimates.The Dow Jones Industrial Average jumped 149.83 (1.02 per cent) to 14,910.14.

The Australian dollar is firmer after the People's Bank of China indicated it would move to prevent a credit crunch in the world's second largest economy.

The Australian share market made strong gains on Wednesday as investors piled back into resources and banking stocks.

The world's largest gold mining company Barrick has slashed 65 jobs in Western Australia due to increasing costs and a weaker gold price.

Opposition Leader Tony Abbott has laid out a coalition government's plan for the resources sector while mocking the government's controversial mining tax as an act of "economic self-harm".

Shares in Moly Mines have surged more than 20 per cent after the company agreed to sell output from its producing iron ore mine in the Pilbara to fellow miner Mineral Resources for about $38 millio

Federal resources minister Gary Gray is confident Australia will remain a major supplier of metal and minerals commodities, especially to South-East Asia.

The two federal independent MPs who have helped keep the Gillard minority government in power for nearly three years are walking away from politics.

Paladin Energy shares fell by more than 10 per cent after it delayed until August a deal to sell a stake in an African uranium mine.

The state government will pay more for gas from Chevron's Gorgon project than from the North West Shelf, but says the increase won't all be passed on to consumers.

The Australian share market has opened more than one per cent higher.

The Australian dollar has held its own against a stronger greenback driven by positive data, after China's central bank moved to calm fears that its country faces a credit crisis.

Gold futures have extended recent losses to set a 33-month low, as a string of stronger US economic data bolstered equities and dampened interest in safe-haven assets like precious metals.

US stocks have closed higher, helped by data showing more strength and confidence in the US economy and as worries eased over a credit crunch in China.

While the federal treasurer believes Australia should become the world's largest liquefied natural gas exporter by the end of the decade, an industry insider says high production costs are putting

More than 450 automotive businesses are closing across the nation on average each year, the Australian Motor Industry Federation warns.

The Australian share market has finished lower, dragged down as nervous investors take their leads from falls across major Asian markets.

Gold miner Newcrest has brought in a former chairman of the corporate regulator to review the way it keeps investors informed about its business.

The Australian share market has opened slightly higher in defiance of declining Asian and US markets and concerns of a cash crunch in China after its worst growth reading in 13 years.

Federal Treasurer Wayne Swan says a falling Australian dollar should help the transition from mining investment to broader-based growth in the economy.

Gold, silver and platinum have slumped to multi-year lows as investors dump the precious metals on the belief that rising US interest rates and a cash crunch in China will limit demand.

US stocks have ended the day decisively lower on concerns about the Chinese economy but rallied well above their intraday lows as US Treasury yields retreated.

The Australian dollar has dived below 92 cents for the first time since September 2010 following the weakest Chinese growth reading in 13 years.

Australian shares have posted their largest one-day loss in two months as nervous investors looked to steep falls on Asian markets due to fears of a credit crunch in China.

The slowing of the mining boom and public sector cuts will lead to a dramatic drop in the number of new homes being built in parts of Australia, according to a new report.

The Australian share market is expected to extend its losses in morning trade after opeing more than one per cent lower, but should make something of a late recovery into the close.

Mining giant Rio Tinto has decided to retain its diamonds businesses following a review which considered a range of options, including divestment.

Prime Minister Julia Gillard has taken a swipe at irresponsible commentators talking down the Australian economy.