Sydney - Australian stocks gave up 8.3 per cent Friday in response to Wall Street falling to a five-year low and big setbacks on Asia markets.

The ASX 200 dropped 360 points, or 8.3 per cent, to 3,960 after smashing through the psychologically important 4,000 barrier mid-session.

Resources stocks were down 8.3 per cent, financials down 7.4 per cent, industrials down 7.5 per cent and the four big high street banks were off 6-8 per cent.

Sydney - Australia flagged a cut in immigration Friday because of the global financial crisis, faltering economic growth and a rise in unemployment.

The immigrant intake has doubled over the past 10 years and was set to double again as a booming economy took unemployment to a 30-year low.

Prime Minister Kevin Rudd warned that this year's annual quota of 190,300 would not be matched when the 2009 quota is set in May.

"We adjust it according to the economic circumstances," Rudd said.

Sydney - Australian stocks gave up 5.5 per cent in early trading Friday in response to Wall Street falling to a five-year low.

The ASX 200 dropped 223 points, or 5.1 per cent, to 4,097.

The market was spooked by news reports that iron ore customers in China were delaying shipments, in the belief that prices for spot deliveries would fall below long-term contract prices because of withering global demand.

Sydney - Australia flagged a cut in immigration Friday because of the global financial crisis, faltering economic growth and a rise in unemployment.

The immigrant intake has doubled over the past 10 years and was set to double again as a booming economy took unemployment to a 30-year low.

Prime Minister Kevin Rudd warned that this year's annual quota of 190,300 would not be matched when the 2009 quota is set in May.

"We adjust it according to the economic circumstances," Rudd said.

Sydney - An auto-pilot computer malfunction, a recalcitrant passenger's laptop or air turbulence were Thursday offered as reasons for a Qantas passenger jet en route from Singapore and Perth plunging in altitude and injured 46 passengers.

Seven passengers from Tuesday's Flight QF72 remain in hospital in Perth, where they are being treated for broken bones, spinal injuries and lacerations.

Sydney - Unemployment in Australia rose to 4.3 per cent in September from 4.1 per cent in August, official figures released Thursday showed.

Full-time employment fell by 15,500, while part-time employment jumped by 18,000 - evidence that employers were both laying off staff and cutting full-time employees in favour of part-timers.

Katie Dean, an economist with ANZ bank, said unemployment was a lagging indicator because companies were reluctant to lay off staff even as the economy slowed.