Finance Minister Lindsay Tanner says the jobs outlook for the economy of Australia remains strong despite the large job losses announced recently at major companies.

Opposition Leader Brendan Nelson has promised to overturn the Government's tax increase on pre-mixed alcohol and to scrap the changes to private health insurance, in his Budget reply speech tonight. In his reply Dr Nelson said he wants to see petrol excise cut by five cents a litre, which he said would have a modest downward impact on inflation.

In contrast to the fears of recession in the United States, Australia's Federal Treasury still believes Australia's problem is too much growth.

Australian banks are now seeing hope to recover from its recent lose, as customers are starting to save their money in banks, report said. On the other hand, Australian dollar has a worst record for the third day as it declined in a recent tradings. The slide of dollar was attributed to the countries low price of exports commodities such as metal.

The Australian share market is in a tailspin amid fears that Asia has been caught up in the United States economy's slowdown.

A new report predicts Australia's economy will remain strong for the rest of the financial year.

Australia's Opposition Party laid blame for recent interest rate increases at the feet of new federal treasurer Wayne Swan. Swan, in turn, criticised the banks, saying they risk being "judged very harshly" if they "try to take advantage of the U.S. sub-prime crisis by lifting interest rates excessively."

Economists say the latest job advertisement figures show the Australian economy is still robust.

The number of people taking out home loans in Australia fell in October, with borrowers wary of the widely anticipated interest rate increase in November.

An economist says today's economic growth figures in Australia vindicate the Reserve Bank's decision to increase interest rates in August and November.

In what could be an election campaign blow to the Howard Government, the Reserve Bank board is today widely tipped to raise official interest rates.

There was no excitement on the Australian sharemarket today after the previous two record closing highs. The All Ordinaries Index added half a point to 6,491 and the ASX 200 slipped one point to 6,481.