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PM faces budget fight after winPrime Minister Malcolm Turnbull has won the election but his budget plans are in disarray, with a brewing internal revolt o

In this Business News podcast Dan Wilkie and Mark Beyer discuss Total Shareholder Returns, the federal election, Western Power, Port Hedland development, Perth tech startups and WA property.

The Good Food and Wine show opened its doors to Perth this morning marking the beginning of a three day festival that showcases over 200 stalls including a select number of small Western Australian artisan businesses.

The share market has closed relatively steady as investors await the release of key US jobs numbers.

Construction Forestry Mining and Energy Union WA assistant secretary Joe McDonald was among 29 union representatives fined a total of $61,000 for unlawful industrial action at Lakeside Joondalup in 2014.

Telstra has confirmed up to 103 job cuts in Perth and 326 nationally, with a union claiming the telecommunications giant's head count would be reduced by as much as 450.

A government body has slashed its 2017 iron ore price forecast by nearly 20 per cent on expectations of slowing demand growth in an oversupplied market, underlining the threat to the federal government's finances.

Reiwa members reported an unchanged value in sales this week to remain at 640.

Carbon Business Group has announced the purchase of Pursuit Group, adding to a number of acquisitions in the past year worth more than $2 million combined.

Perth-based gold producer Silver Lake Resources is bullish after hitting its annual sales target and repaying all its bank debt.

Copper and gold miner Sandfire Resources has announced record production at its flagship DeGrussa mine near Meekatharra.

Malcolm Turnbull will be returned as prime minister, according to renowned election analyst Antony Green, as postal vote flows strongly favour the coalition parties and three lower house independents have offered him supply and confidence.

Local explorers Hot Chili and Orinoco Gold have raised a combined $9 million from investors to fund ongoing work at their respective projects.

Rio Tinto's decision to shelve development plans for its $US20 billion Simandou iron ore project in Guinea could risk the project falling into the hands of a Chinese competitor.

The ASX has opened 5.2 points, or 0.1 per cent, higher at 5,233.1.

Equities markets rose worldwide on a bump from positive US data, though US stocks and long-dated Treasury yields fell along with oil prices amid investor caution ahead of Friday's US nonfarm payrolls report for June.

Sliding oil prices have dragged the Australian dollar lower again, just after it recovered from a threat to the country's triple-A credit rating.

Gold slips as US jobs data supports the US dollar, ending a six-day rally that pushed the precious metal to more than a two-year high on concerns about Britain's vote to leave the European Union.

AAA: Six months to get budget under controlA threatened downgrade of the nation's AAA credit rating was a wakeup call to the entire Parliament, not just the government, th

There's a one in three chance the Commonwealth government's credit rating could be downgraded within the next two years, according to Standard & Poor's, a move which would be expensive for taxpayers and may have flow on effects for other borrowers.

Andrew Forrest has lost his battle to stop Yarri Mining from being granted mining tenements on land near the mining magnate's Minderoo cattle station in the Pilbara.

Premier Colin Barnett has softened his position on the proposed privatisation of Western Power, saying it could be used by Labor as a scare campaign in the state election next year.

The Australian share market has snapped a two-day losing streak, despite the nation's AAA credit rating coming under threat.

Shares in engineering and construction business Valmec surged after the company announced plans to suspend dividend payments to preserve capital for its expansion plans.

Spanish contractor Duro Felguera has suspended ongoing obligations to Samsung C&T, after the Roy Hill project head contractor refused to pay out on five recent court adjudications.

Welshpool-based Indigenous Construction Resource Group has been named 2016 business of the year at the Perth NAIDOC Awards.

Perth-based New Energy Corporation has signed a contract to manage waste in the Town of Port Hedland utilising its $200 million waste-to-energy plant, which is due to open in 2018.

Leadership WA chief executive officer Robin McClellan spent 10 minutes discussing leadership with Deloitte Western Australia managing partner and chair of Leadership WA board, Michael McNulty, who said the days where one person could be the single source of knowledge were over.

Local gold miners Resolute Mining, Saracen Mineral Holdings and Ramelius Resources have hit their production targets for FY16 at lower-than-expected costs.

Standard and Poor's has lowered Australia's sovereign debt ratings outlook from AAA stable to negative, citing the ambiguous outcome of the recent federal election potentially delaying fiscal consolidation, although it affirmed the strength of the economy broadly.

Woolworths is at risk of making further price cuts in what will ultimately lead to a full-blown supermarket price war, analysts warn.

Quest Serviced Apartments is continuing its aggressive march on Perth, anchoring a hotel and new retail development at the Millstream Arcade in South Perth.