Holden has presented an unprecedented demand for its workers at its manufacturing facilities in Australia to accept a pay cut or else the company would be forced to abandon the country like its US-Based rival, ford.

The company has asked the federal government to provide funding for the car industry in the country and indicated that it would try to cut wages at its manufacturing facilities in the country. Company's managing director Mike Devereux indicated that the company might have to leave the country if the government does not offer long term funding for the industry.

The government in New South Wales has said that it has extended the exclusive retail wagering licence of Tabcorp holdings until 2033.

Racing Minister George Souris indicated that the state government has given an in-principle approval for extending the exclusive license of the off-course betting giant for 20 years. Tabcorp will have to pay $75 million to extend TAB's licence as the exclusive provider of totalisator and fixed-odds betting in retail environments, including club and pub outlets.

Australian carrier, Virgin Australia has become the first airlines in the country to tie up with the Brisbane Airport Corporation to support the development of a new runway at the airport.

The International Monetary Fund (IMF) has indicated that it might consider giving Australian dollar the status of being a reserve currency, in an effort to boost its value.

Sydney, June 18 : Using ultra-high resolution mapping techniques, scientists from Australia have identified 280 craters on the moon that have never been mapped before.

The researchers at Curtin University in Western Australia used computer modelling of lunar gravity and topography data to explore detailed basins that would be obscured using other methods, Xinhua reported.

A total of 66 of the craters identified were described as "distinctly visible" from a gravity and topographic view.

Tune Hotels, a leading International hotel group, Has announced its first venture in Australia in Melbourne, whcih already hosts the company's head office for the Australia and New Zealand region.

The company will open its first hotel in the country during anovember at the time of Victoria's Spring Racing Carnival in November this year. The company also indicated that it would staff its office in the city in way that it is able to oversee operations in Australia and New Zealand.

The Reserve Bank of Australia has indicated that there is further scopre for interest rate cuts as the Australian dollar rises against the lboal currencies.

The country's central bank noted that a cut in cash rate has helped control the currency, which was high against other currencies. It said that the surprise cash rate cut in May to 2.75 per cent might have resulted in the fall of the exchange rate but added that it still remains high compared to the fall in export prices during the previous year.

Canberra, June 17 : Australia has announced the grant of 13 new offshore petroleum exploration permits as part of round one of the 2012 Offshore Petroleum Exploration Acreage Release, Resources and Energy Minister Gary Gray said in a statement Monday.

The award of these permits will see an estimated 180 million AU dollars ($172.2 million) in new investment in waters off Western Australia and Tasmania over the next three years, reported Xinhua.

Melbourne, June 13 : Cricket Australia (CA) announced that David Warner’s Code of Behaviour hearing will be held via teleconference Thursday evening.

CA senior code of behaviour commissioner Justice Gordon Lewis will hear the case at 6.30 p. m. Melbourne time. The results of the hearing will be issued following the adjudication.

Warner was reported Wednesday for breaching Rule 6: Unbecoming behaviour. He was allegedly involved in a physical altercation with an England player (believed to be Joe Root) in the early hours of Sunday morning following the ICC Champions Trophy match between the teams in Birmingham.(IANS)

China's fourth-largest steelmaker, Ansteel has indicated that it expects the price of iron ore to fall during the second half of 2013 due to lower demand for steel in the world's second largest economy.

ASX Ltd is aiming to raise about $553 million in capital following the new strict rules for the company's new clearing house service.

The company has said that its profits are expected to slightly below analysts' estimates. The leading share and derivatives exchange group halted its share trading this morning and launched two-for-19 pro rata accelerated renounceable entitlement offer at $30 a share. The company has appointed UBS for the prices.

Global financial rating agency, Goldman Sachs has reduced growth and currency forecasts for the Australian economy.

Newcrest Mining has said that it will cut around 100 jobs in Australia and also close down its Brisbane office after volatility in the gold prices in the global markets.

Newcrest Mining, which is the biggest gold-miner in the country, announced that it would close down its Brisbane office and reduce about 20 per cent of its corporate costs. The company is facing weaker cash flows and said that strong Australian dollar and higher costs forced the company to shut down its support office in Brisbane.

Sydney, June 7 : The family of an Indo-Canadian man, who went missing in a national park in Australia last month, has renewed a hiked reward for information about him.

Prabhdeep Srawn's family posted on social media Friday that it would pay A$50,000 to anyone who finds him dead or alive, The Canberra Times reported.

The family had earlier announced a A$15,000 reward but revised it to A$50,000 and took out an advertisement in the newspaper last Wednesday seeking well-experienced hikers or search teams to find Srawn.

Australia's central bank, the Reserve Bank of Australia has indicated that it might consider cutting the benchmark interest rate as the economy remains stable relatively.

The interest rate is already at the record low level but the RBA said that it believes that Australian dollar remains high against the lobal currencies even after its largest monthly fall since 2011. Glenn Stevens, the  Governor  and his board has kept the bank's overnight cash-rate target at 2.75 per cent, the Reserve Bank of Australia said in a statement today.

The Australian Dolalr recorded an increase of 0.7 per cent and was trading at $0.9640 in early morning trade today recovering from its losses during the previous month.

The Australian national currency was boosted by reports from China that showed that the manufacturing activity has accelerated in the world’s second largest economy, which is a major trading partner of China. The Australian currency had fallen 7.7 per cent loss in May, which is its steepest fall since September 2011.

While markets are eagerly awaiting the Reserve Bank of Australia's (RBA's ) imminent decision on policy rates, most economists are of the view that the central bank will leave the cash rate on hold.

Ben Jarman, a senior economist with JPMorgan, said that he didn't expect the RBA to announce any cut in key rates for the second consecutive month on Tuesday.

Mr. Jarman said that the RBA cut rates to an historic low in April, and now the data should show why the country needed deeper cuts.

Sydney, June 3 : The Australia WWF Monday released an economic study proposing that Australia could increase its emissions reduction target from 5 to 25 percent by 2020 via the carbon price at very little cost to the economy.

The analysis by Vivid Economics and Monash University found a small additional impact on gross domestic product (GDP) of 0.01 percent, and around 0.06 percent on gross national income.

Queensland farmers affected by the drought are expected to receive support from the authorities in the form of land rent relief and transport subsidies for fodder and water.

The government is offering more than $11 million in support to the farmers, who are facing difficult conditions due to the drought situation in the area. Premier Campbell Newman and Agriculture Minister John McVeigh visited Richmond located in the northwest of the state to declare a $11.2 million package to help farmers in 13 areas that are declared to be affected by the drought in western and northern parts of the state.

According to a new study, Australia has remained the happiest developed nation in the world for the third year in a row.

The new OECD's Better Life Index, which was released Tuesday, showed that Sweden was ranked second and Canada took the third position in the ranking. The index included a total of 36 nations and measures nations on 11 criteria: housing, income, jobs, community, education, environment, civic engagement, health, life satisfaction, safety and work-life balance.