AAP

Oil prices have risen modestly, lifted by a weaker dollar that makes dollar-priced crude less expensive.

Gold rose above $US1,200 an ounce on Thursday, its biggest increase in almost a month, as the US dollar slid the day after the Federal Reserve indicated that interest rates may rise more slowly than many had expected.

The Nasdaq has powered to a fresh record, easily topping the prior all-time high in a broad rally that withstood signs that a Greek debt default could be moving closer.

The Australian dollar hit a one month high, buoyed by weakness in the US dollar and stronger gold and iron ore prices.

It is known on financial markets as witching hour, and it was blamed for a surprise 1.3 per cent fall in Australian shares on Thursday.

More than 37,000 Cash Converters customers who claimed they were charged excessive interest on short-term loans will get refunds after a multi-million dollar class action was settled out of court.

The federal government plans to use $800 million previously earmarked for Queensland infrastructure to develop Western Australia and Northern Territory projects as well.

A damning report detailing corruption in the state authority tasked with prosecuting such misconduct is a reminder of the importance of oversight, an upper house MP says.

Member for Perth Alannah MacTiernan has accused the federal and Western Australian governments of trying to prevent scrutiny of the $1.6 billion Perth Freight Link.

The Australian share market has opened lower following falls in metals and oil prices overnight.

Oil prices in New York have dipped following a mixed US petroleum supply report that showed lower crude supplies but a rise in petrol stocks.

Gold prices turned higher after the Federal Reserve said the US economy is likely to be strong enough to support an interest rate increase by the end of 2015.

Wall Street stocks have risen after the US Federal Reserve kept its near-zero benchmark interest rate unchanged and Chair Janet Yellen pledged a methodical approach to raising rates.

The Australian dollar is higher, buoyed by weakness in the US dollar which fell after the US Federal Reserve's meeting failed to spell out the timing of an interest rate hike.

Cash Converters International is close to settling a class action launched by customers who claimed they were charged excessive levels of interest and fees on personal loans.

Private security firm Serco has lost its contract with the state government to transport prisoners, midway through an inquiry into the service.

The Australian share market has closed one per cent higher, boosted mostly by the big four banks.

Australia has formalised the most liberal trade deal China has with any country.

Maverick Liberal backbencher Rob Johnson says "emperor" Colin Barnett can't dictate who the party endorses.

Woolworths's $3 billion bid to take Bunnings down a peg with its Masters hardware chain could come to an early end following the sudden resignation of the retailer's chief executive, Grant O'Brien.

The Australian share market is higher on strong leads from US and European markets, with the big banking stocks performing robustly in morning trade.

Oil prices in New York have moved higher, snapping a three-day losing streak ahead of a report on US petroleum supplies.

US stocks have snapped a two-day losing streak, finishing solidly higher ahead of a Federal Reserve policy announcement expected to shed light on the timing of interest rate hikes.

Gold prices have slipped as the US dollar firmed ahead of the outcome of the US Federal Reserve policy meeting

The Australian dollar is slightly higher, following the release of mixed US economic data.

The Australian share market has lost earlier gains to close in the red as two major global events hold investors back.

The long-awaited free trade agreement between Australia and China will be signed at a time when community concerns about Sino investment is on the rise.

Westpac will reap up to $700 million from selling off part of its controlling stake in BT Investment Management.

The Reserve Bank of Australia will keep a close watch on the economy in the coming months to assess whether more interest rate cuts are needed, as economic growth and business investment remain sluggish.

Billionaire Warren Buffett's Berkshire Hathaway is buying a $500 million stake in Insurance Australia Group after the two companies entered into a 10-year partnership.

Speculation is mounting that Labor's state secretary in Western Australia is being ousted from the role before his contract ends.

The Australian share market has had a flat opening after overseas markets fell on the back of worries about a possible Greek debt default.