THE good news - some interest rate relief should arrive tomorrow. The bad news - the global credit crunch continued to pummel Australian share prices and the Aussie dollar today.

DOUBTS about the US bailout plan and fears of the deepening financial crisis in Europe have sent global stocks plummeting overnight.

THE share market closed at its lowest level in almost three years, falling just over 3 per cent on thin volumes due to public holidays in NSW, ACT and South Australia.

THE big banks are set to deny struggling homeowners $500,000 a day in loan repayments by refusing to pass on today's expected 0.5 per cent cut in official interest rates.

A NUMBER of Australians banking in the European tax haven of Liechtenstein are set to be hit with bills totalling $60 million as part of efforts by the tax office to recoup $100 million.

THREE of Australia's biggest banks tapped loans from the Future Fund as cash dried up from other sources, it has been revealed.

SUNCORP Metway shares jumped more than 6 per cent in morning trade after the banking and insurance company confirmed parties were talking of buying its banking and wealth management operations.

BORROWERS are tipped to see the biggest rate cut in seven years tomorrow as market turmoil puts pressure on bank funding costs.

CRUDE oil prices slumped to eight-month low points below $US90 a barrel today as worsening financial turmoil triggered fears about slowing demand for energy, traders said.

THE Australian dollar has opened almost three US cents weaker, after sinking below $US0.7000 for the first time in four years amid carnage on global share markets.

AN outback Queensland town is preparing to transport in drinking water by rail as a drought sucks the last of its dams dry.

FORMER National Party senator for Queensland Dr Glen Sheil has died in Brisbane, aged 79.

A 31-year-old man faces charges over a shooting incident outside a Perth nightclub yesterday morning.

VETERINARIANS will examine three crocodiles in Cairns tomorrow for human remains as police continue to investigate a suspected fatal attack on a man in far north Queensland.

A FIRE is threatening a church, a shopping centre and a house in southeast Queensland.

PREGNANT women are exposing their babies to household chemicals that may be damaging lung development and causing asthma, a Perth scientist has warned.

WEST Australian teachers will become the nation's highest paid when they receive their next pay packets, Premier Colin Barnett says.

A PRINCIPAL accused of letting controversial artist Bill Henson scout a school for talent will keep her job pending an investigation.

A DRUNKEN mob at a BMX event beat up firefighters and tried to vandalise their truck as they tried to put out a burning car.

THE fate of missing Australian girl Britt Lapthorne is no clearer this morning after the discovery of a body near where she went missing.