Australian market set to fall The Australian share market is set to open lower as forecasts of slower global economic growth caused falls on overseas markets. At 0705 AEST on Thursday, the June share price index futures contract was down 22 points at 4,959. Wall Street and European markets dropped after the Organisation for Economic Cooperation and Development trimmed its world economic growth forecast for 2013 to 3.1 per cent from 3.4 per cent. In local economic news on Thursday, the Australian Bureau of Statistics releases private new capital expenditure and expected expenditure data for the March quarter, and building approvals figures for April. In company news, Wesfarmers chief executive Richard Goyder and ASX chief executive Elmer Funke Kupper are among the speakers at the Stockbrokers Association of Australia annual conference in Sydney. The local market closed flat on Wednesday, with the benchmark S&P/ASX200 index edging four points higher at 4,974.7 points and the All Ordinaries index added 8.6 points to 4,959.2.