Vittorio Hernandez

The trade-off for creating the world's biggest marine park reserves is the possible loss of 36,000 jobs and $4 billion in revenue for Australia's fishing industry.

Despite her busy schedule attending court hearings on legal disputes with her three estranged adult children and the heirs of her father's former business partner, Australia's richest woman Gina Rinehart geared herself for another battle.

The Australian sharemarket ended in the red for the second day running, with the All Ordinaries Index (XAO) slipping by 0.5 pct or 21.7 pts to 4089.8. No sectors were spared from the selling today, with even the defensive telcos dipping into the red by close of business. TLS shares eased 0.28 pct or 1 cent to $3.60, however has gained by around 8 pct since the start of this year.

While many Australians may have renewed their love for driving around during the holidays instead of traveling overseas, this development may spell bad news for the financially challenged Qantas.

The Australian share market is sharply lower in early trade, following losses on US and European markets overnight. Investors appear to be shying away from risk ahead of the upcoming Greek elections, which could determine if the country remains in the Eurozone. At lunchtime in the East, the All Ordinaries Index (XAO) is down 27.4pts or 0.7pct to 4084.1.

The creation of 44 marine parks across Australia will make about one-third of Australian waters off-limits to fishing, oil and gas exploration. The new marine parks, which include the Coral Sea and the southwest coast of Western Australia, are part of the new marine reserves announced by Environment Minister Tony Burke on Thursday.

Although the 2013 federal election in Australia is still months away, politicians in the country are definitely paving the way for their party's victory this early. Signs of early political campaigns include promises and criticisms of other political parties in a bid to get the sympathy of voters.

A brother team from Australia is bound for the Summer Games in London not to compete for gold medals but to put up electronic road signs. Trevor and Troy Wollard bagged an Olympic Games supply contract when they attended a trade show in Amsterdam.

In response to broad hints from Prime Minister Julia Gillard that the Labor-led government plans to revive a previous initiative to lower corporate tax rate to 29 per cent from 30 per cent, business groups issued a challenge to her.

After a stronger start to the day, the Australian sharemarket eased slightly with the All Ordinaries Index (XAO) falling 0.2 pct or 6.8 pts to 4111.5. The volume of shares traded remained a little light ahead of the all-important Greek elections which will be held in just four days. Stocks were largely evenly split between gains and losses.

After chopping the overnight cash rate by 50 basis points last week, the Reserve Bank of Australia (RBA) has trained its sight this time on credit card surcharges imposed by merchants.

The strong Australian dollar caused Sydney and five other Aussie cities to have major boosts in their ranking of the world's most expensive cities for expatriates. Based on the 2012 Mercer Worldwide Cost of Living Survey released on Wednesday, Sydney was the 11th city with the highest cost of living.

The legal battles of Gina Rinehart, Australia's richest woman, are apparently multiplying though not at the same pace as her wealth. On Wednesday, Ms Rinehart faced another court war beside the family court feud she is engaged with her three estranged adult children.

Despite strength on global share markets overnight and a relatively solid start to trade, the Australian share market is in the red at lunchtime in the East, dragged down by banking, mining and energy stocks. The All Ordinaries Index (XAO) is lower by 13.6pts or 0.3pct to 4104.7.

Opposition leader Tony Abbott sought on behalf of BHP Billiton (ASX: BHP) from Prime Minister Julia Gillard a written assurance that the mining tax would never be imposed on copper, gold and uranium.

Australian Prime Minister Julia Gillard hinted on Tuesday night of lower corporate tax rates after the federal government scrapped the proposal. She said lower corporate tax rates would benefit workers and the community in terms of more jobs available and better pay over time.

The Australian sharemarket lost ground for the first time in four days today, with the All Ordinaries Index (XAO) falling 1.1 pct or 45.5 pts to 4111.2. Shares have only fallen by 0.14 pct over the past five days however. All sectors lost ground, however some of the miners performed strongly. Markets have been treading water ahead of the all-important Greek elections on 17 June.

BHP Billiton (ASX: BHP) has reached a four-year collective industrial agreement with workers at its Olympic Dam mine in South Australia. The miner said the certainty and stability provided by the deal would be a key for the BHP board to decide on its $30-billion expansion plan.

While ANZ surprised the banking industry on Friday by passing in full the 25 basis points rate cut made earlier this week by the Reserve Bank of Australia, (RBA), Westpac also did the unexpected on the same day by pocketing 5 basis points.

It is not just unproductive assets that financially challenged Qantas is shedding from its system, but also passengers with disruptive behaviour.

Yesterday the Australian share market closed higher for the third straight day, with the All Ordinaries Index (XAO) adding 1.3% or 52 points to 4,156 points.

In a surprise move, ANZ Bank announced on Friday that it will pass the 25 basis points cut made by the Reserve Bank of Australia (RBA) earlier this week to 3.25 per cent. Most analysts were of the belief that the big four would hold 10 basis points out of the 25 basis points reduced by the RBA.

The big debate over bringing in foreign workers appear to have been settled in favour of mining companies as Australian newspapers run job advertisements that will target skilled foreign workers.

Australia's growing unemployment problem may even worsen in the coming months as more job cuts loom, including in the public sector. Amid Thursday's announcement that the unemployment rate slightly rose to 5.1 per cent from 5 per cent, reports said New South Wales (NSW) plans to axe the jobs of 10,000 public workers.

Australia's economic growth rate of 4.3 per cent in the year to March, driven by the mining boom, may be at risk of slowing down due to the high cost to complete resources projects in the country.

The Australian sharemarket managed to rise for the third straight day today, with the All Ordinaries Index (XAO) improving by 1.3 pct or 52 pts to 4156.7. The gains early in the session were partly due to further stimulus measures in the U.S and news that European leaders are eager to assist Spain.

About 30,000 teachers in Victoria state schools made good their threat to strike on Thursday. The industrial action caused the close of about 160 schools in the state over higher pay and better work conditions.

The Australian share market has hit a six day high in early trade, on the back of better than expected jobs numbers. 38,900 jobs were created in the Australian economy in May, versus expectations of slight job losses. However the April numbers were revised, ticking the May unemployment rate from 4.9pct to 5.1pct. At lunchtime in the East, the All Ordinaries Index (XAO) is firmer by 60pts or 1.5pct to 4164.7.

Because of the general economic slowdown across Australia, profit downgrade warnings are becoming a buzzword among Aussie companies. The latest to declare a profit downgrade on Thursday was cheesemaker Warrnambool Cheese and Butter.