AAP

Gold has fallen more than one per cent after China's interest rate cut helped global markets rebound from the previous day's rout.

The Australian share market has posted its strongest gains in almost four years in a remarkable turnaround from Monday's $64 billion plunge.

Traffic outside the state parliament was brought to a standstill as unions held a rally against the free trade deal with China, saying it will be bad for local jobs and exploit foreign workers.

Treasurer Joe Hockey insists that an improving budget position provides scope to deliver his commitment to personal income tax cuts.

Westfield's Australian business is selling four shopping centres and funnelling the proceeds into redevelopments.

Australian shares have defied predictions of a second straight day of carnage as the big banks helped the domestic market recovered its opening losses.

The Australian dollar has hit a new six-year low as sharemarkets around the world plunged in a rout led by China.

US stocks have finished sharply lower but far above the session's floor following a bruising day in global financial markets sparked by mounting worries over the Chinese economy.

Oil prices have sunk, with the US crude benchmark finishing below $US40 a barrel for the first time in six years on worries about China's weakening economy after an equities sell-off.

The future of BlueScope Steel's Port Kembla plant is on a knife edge after the steelmaker said it would cut at least 500 jobs to reduce costs in the face of cheaper imports.

More than $70 billion has been wiped from the Australian share market as fears about China's economy sparked its heaviest fall in six and a half years.

Fremantle Dockers star Nat Fyfe is in the clear but Hawthorn skipper Luke Hodge has been slapped with a two-match ban for his bump on Port Adelaide's Chad Wingard.

Struggling online streaming service Quickflix has abandoned plans to buy a Chinese film and TV company just weeks after flagging the deal.

Fortescue Metals Group boss Nev Power is counting on the Chinese government's stimulus measures to boost demand for iron ore after the price slump in the commodity drove the company's full-year profit down by 88 per cent.

Treasurer Joe Hockey believes he can return the budget to surplus while providing personal income tax cuts.

The Australian share market has plunged at the start of trade, with losses being felt across the board from banks to resources stock as uncertainty grips global markets.

The Australian dollar is virtually unchanged amid global risk-off trade in commodity and sharemarkets.

Gold has risen in choppy dealings, hitting a six-week high and putting it on track for its biggest weekly climb since mid-January as more bad economic data from China rattled financial markets, pushing the US dollar broadly lower.

State and territory treasurers have agreed to apply the GST to offshore sales into the Australian market.

The share market has closed sharply lower to post its worst month since the global financial crisis.

Cabcharge is working frantically to get its taxi payment app off the ground in the next six months.

Shipbuilder Austal remains in with a chance to win contracts to build navy patrol vessels in 2020, Prime Minister Tony Abbott insists.

Medibank Private shares have surged more than 16 per cent after higher premiums and profit margins saw the insurer beat its full-year profit guidance.

The competition watchdog has approved Qantas's joint venture with China Eastern, but warned that allowing the carriers to coordinate their services could be to the public detriment on some routes.

The Australian share market has opened more than one per cent lower.

Crude prices have finished mixed, with US oil taking a breather from the market slide that is driven by persistent concerns about high production and a global oversupply of crude.

US shares have sunk more than 2.0 per cent with the Dow dropping to its lowest level for 2015 as worries spread about the strength of the world economy.

Gold has hit its highest in five weeks as the US dollar eased after minutes from the US Federal Reserve meeting suggested policymakers were in no hurry to raise interest rates.

The Australian dollar has gained further ground as the market digests the outcome of this week's US Federal Reserve minutes.

The share market has plunged to a fresh eight-month low due to frenzied selling sparked by weaker oil prices and volatility on China's markets.

Qantas shareholders will receive a $505 million cash windfall after the airline carried out a $3.3 billion one-year profit turnaround.

Passengers have been evacuated from a bus in Perth's CBD, after smoke started billowing from the rear of the vehicle.