Vittorio Hernandez

There are big questions over the budget priorities of the new Queensland government which has said it could not afford the $6 billion to upgrade the state's IT systems, axed 400 information technology contractors, yet provided $200,000 to the production company behind the TV programme Big Brother.

Tiger Airways is roaring its way back into Australian skies by offering large discounts on one-way tickets for as low as $19.95 and resuming trips between Adelaide and Melbourne on Nov 1.

The rejection by Australian building firm Grocon of a compromise offer from the Construction, Forestry, Mining and Energy Union (CFMEU) has led to the return on Monday evening of the blockade at the Emporium construction site in Melbourne.

Analysts agree that the Reserve Bank of Australia (RBA) will most likely retain the current overnight cash rate of 3.5 per cent on Tuesday when its monetary policy board meets.

Queensland wants to ban tanning salon use in the state by the end of 2014. Queensland Health Minister Lawrence Springborg cited the increased health risks to cancer as justification for the state legislation that pushes for the prohibition on solariums.

The modest gains on the Australian sharemarket were short lived this morning, with the All Ordinaries Index (XAO) now completely flat to 4339.2. Most sectors are improving; however the mining sector is once again one of the biggest drags on trade.

The Victoria police have deployed hundreds of officers to the Grocon Myer Emporium construction site in Melbourne to secure the area occupied by members of the union. With their presence, the police safety secretly escorted 35 Grocon non-union employees inside the $250-million site.

Former Prime Minister Kevin Rudd said on Thursday that despite the strong fundamentals of the Australian economy, the country must diversify beyond the resource sector even if commodity prices are expected to improve in the future.

Prices of iron ore dipped further on Wednesday to $90.30 per tonne, indicating worse days ahead for Australia's resource sector. The $4.50 decline, reckoned since May, is equivalent to a 38 per cent fall.

The remarks of Australia's richest woman, Gina Rinehart, over the social life of minimum wage workers as well as her suggestion to lower the current weekly minimum pay has become viral.

The Australian sharemarket had its worst day in a month, with the All Ordinaries Index (XAO) losing 0.9 pct or 41.3 pts to 4340.2. The defensive healthcare and telco sectors recorded some modest improvements; however all other industries ended in the red. Disappointing economic news added to the weakness earlier in the session.

While some Australian miners are considering foraying into Africa, KPMG is warning them to proceed at their own risk.

Two days after the federal government announced plans to scrap the floor price on the carbon tax and link its carbon trading to the European Union trading system in 2015, large Australian polluters said they prefer to be connected instead to the carbon trading systems of the U.S. and China.

Overnight the US market were slightly higher after investors weighed up the good news that the US economy grew more than expected in the 2nd quarter of 2012, but then the Federal Reserve regional report on the economy, the Beige book, showed more signs that the US economy is still only recovering slowly.

Frequent flyer and wife of former Prime Minister Kevin Rudd, Therese Rein, topped the list of Qantas passengers who enjoyed free upgrades. A Fairfax investigation showed that Ms Rein, a millionaire businesswoman, got 22 domestic and international upgrades.

Controversy continues to hound Gina Rinehart, Australia's richest woman, due to a column she wrote for the Australian Resources and Investment magazine where she suggested lowering the minimum wage of $606.40 a week.

Prospects for industrial peace in Grocon construction sites appears bleaker as the Construction, Forestry, Mining and Energy Union (CFMEU) disclosed plans to further prolong the ongoing strike which on Thursday entered its ninth day.

Local stocks eased slightly today, with investors still opting to shy away from risk ahead of this weekend's Jackson Hole symposium, where central bankers from around the globe will meet to discuss the ongoing European debt crisis. The All Ordinaries Index, which gained 0.3pct yesterday, eased by 5.5pts today to 4381.5.

Grahame Morris, the former chief of staff of ex-Prime Minister John Howard, publicly apologised on Tuesday to ABC journalist Leigh Sales for calling her a cow on radio.

Yesterday the Australian stock market closed 14 points higher. Overnight the US market were in a holding pattern ahead of the Federal Reserve yearly conference that kicks off at the end of this week and ahead of the return to work and school next week after spring break next Tuesday.

Mark McLean Hildebrant, a former portfolio manager of investment firm Vanguard, is facing 63 counts of insider trading. The 39-year-old former manager did not enter a plea when he appeared Tuesday at the Melbourne Magistrates Court.

Grains marketing and processing firm GrainCorp is creating one of the largest edible oil enterprises in Australia with its $472 million buy-in of Gardner Smith and Goodman Fielder.

Newcrest (ASX: NCM), Australia's largest gold miner, announced on Tuesday that its goldmine on Lihir Island in Papua New Guinea is temporarily closed due to protests from landowners.

Financially challenged flag carrier Qantas is facing more turbulent days ahead as Virgin Australia indicated a looming price war following its return to profitability.

Australian stocks closed just shy of their opening highs today, with defensive stocks leading the gains following a mixed finish on global share markets. The All Ordinaries Index (XAO) finished higher by 14.1pts or 0.3pct to 4387, after hitting an intra-day high of 4391.9pts.

Yesterday the local share market closed slightly weaker and today the start of trade was very muted, we had low volumes being traded and once again investor caution leading the way.

All construction work at the Cotter Dam site was stopped on early Tuesday morning by the Construction, Forestry, Mining and Energy Union (CFMEU) over safety concerns.

Three rare Australian coins sold for almost $900,000 at a Melbourne auction on Monday night. The sale broke two records.

Two mining projects will change owners amid speculations if these developments confirm the end of Australia's mining boom.