Share market down more than 3% at open (Yahoo!7)

Rudd to outline infrastructure criteriaThe federal government will ultimately decide how to spend the $20 billion Building Australia Fund, but it will do so based on strong and independent advice, Prime Minister Kevin Rudd says. The Australian share market has opened over three per cent lower after another bloodbath on Wall Street overnight. At 1015 AEDT, the benchmark S&P/ASX200 was down 138.4 points, or 3.05 per cent, to 4,402, while the broader All Ordinaries had fallen 141.9 points, or 3.12 per cent, to 4,402.8. On the Sydney Futures Exchange, the December share price index futures contract had lost 127 points to 4,439, on volume of 11,568 contracts. At 1016 AEDT, in the financial sector, National Australia Bank had fallen 95 cents, or 3.72 per cent, to $24.60, Commonwealth Bank was down $1.00 to $43.00, ANZ Banking Group... [read full story]