AAP

The battle for sponsorship support at Sculpture by the Sea has continued for another year, after iron ore magnate Gina Rinehart chose not to continue her financial backing for the exhibition on Cottesloe Beach, preferring to support two sporting groups.

A major report on Australia's ageing population says growth and prosperity will suffer unless more older people and women are encouraged into the workforce and government spending is brought under control, but Treasurer Joe Hockey insists the best years are ahead of us.

The local bourse has opened in the red following losses from market heavyweights BHP Billiton and Rio Tinto.

Iron ore miner Fortescue Metals Group is shoring up its balance sheet by refinancing $US2.5 billion ($A3.2 billion) of debt.

US stocks have fallen for a second day after a run that saw new Dow and S&P records and a 15-year high for the Nasdaq.

US oil prices have rallied despite a larger-than expected jump in the country's crude stockpiles last week, which hit a new record high.

The Australian dollar has reached a new record low against the New Zealand dollar ahead of Thursday night's European Central Bank policy meeting.

Gold prices have fallen, heading for a third day of losses, as the US dollar extend gains versus the euro after US economic data.

The Australian share market has finished lower as three major stocks trade ex-dividend and economic growth figures disappointed investors.

Economic growth figures released today have vindicated the Reserve Bank of Australia's decision to cut interest rates in February and to leave more cuts on the agenda.

Macquarie Group wants to raise $500 million to help fund its $US4 billion acquisition of the AWAS aircraft operating lease portfolio.

Australia must not let anger undermine its relationship with Indonesia if Andrew Chan and Myuran Sukumaran are executed, Prime Minister Tony Abbott says.

Joe Hockey's 40-year outlook for the Australian economy looks set to become a political tool rather than an informative report on the future.

The sharemarket is in the red after initially opening higher, dragged down by the miners and weak leads from Wall Street.

Wall Street stocks have retreated from record peaks, losing ground after lacklustre US car sales.

Oil prices have turned higher on unrest in exporter Libya and as the market expected another rise in US inventories.

Gold is down a shade, following a brief bout of selling in choppy dealings after the metal had recovered from early losses that pulled it below $US1,200 an ounce.

The Australian dollar remains above 78 US cents after the Reserve Bank's surprise decision to keep rates on hold at 2.25 per cent.

The share market has fallen from its seven year high after the central bank unexpectedly left the cash rate on hold.

Regular letters will take an extra two days to arrive under a two-speed mail service that Australia Post plans to deliver as it faces a significant structural decline.

Tony Abbott has dumped the Medicare co-payment plan but it's unclear what will replace it.

The sharemarket is on the verge of reaching the 6,000-point mark for the first time since January 2008 as rate cut expectations boost the big banks.

The Nasdaq has finished above 5,000 for the first time in 15 years, capping a long-running recovery in the exchange after the dot-com bubble burst spectacularly in 2000.

Oil prices fell on Monday on renewed concerns about excess global supplies, with the European benchmark contract falling especially hard following a surge late last week.

The Australian dollar is hovering amid belief among some economists that the Reserve Bank could cut interest rates to a new record low.

Gold has turned lower as the US dollar rose and investors cashed in gains after upbeat Asian demand lifted the metal to two-week highs, with expectations for a rise in US interest rates later in 2015 keeping a lid on prices.

Payment and transport business Cabcharge is searching for new income beyond taxis and considering a name change after a 13 per cent fall in half-year profit.

Speculation about a rate cut next week has buoyed the big banks and lifted the share market, securing a sixth consecutive week of gains.

Woolworths has downgraded its full year guidance and announced plans to step up investment in its core supermarkets business after falling further behind arch rival Coles.

Newcrest Mining has sold more than half of its one-third stake in Evolution Mining for about $106 million.

The market has opened weaker, dragged down by losses in the energy sector and a dismal Woolworths half yearly result.

The Australian dollar has fallen sharply after the release of some positive US economic data.