AAP

The federal government has shifted significant ground on its planned age pension changes, signalling the possible revival of a bonus scheme and tightening access to the part pension.

The sharemarket has opened higher on expectations of an interest rate cut after the price of Australia's largest export, iron ore, fell to fresh lows.

Wall Street stocks have fallen for a second day in a row after disappointing US data stoked concerns about economic growth.

Iron ore has fallen below $US50 a tonne, extending a run of losses that began a week ago.

The Australian dollar is back below 76 US cents following another fall in the iron ore price overnight.

Oil rebounded on Wednesday, lifted by a government report showing a decline in US crude production and a deadly explosion and fire on an oil platform in the Gulf of Mexico.

Gold has rallied two per cent as the US dollar retreated after a downbeat jobs report raised expectations that the Federal Reserve could be more cautious in tightening monetary policy.

BHP Billiton and Fortescue Metals Group have applied for permits to add about 50 million tonnes of iron ore to an already oversupplied global market as prices fell to new record lows.

The Australian share market has closed weaker, pulled back by resources stocks reeling from fresh falls in commodity prices.

An independent expert says Japan Post's proposed $6.5 billion takeover of transport and logistics group Toll Group is fair and reasonable.

Ship builder Austal is cutting 300 jobs as it winds down the building of Australian Customs vessels and two Navy vessels for Oman.

Construction giant Lend Lease has landed its second major development in South-East Asia in a fortnight, signing a deal in Singapore.

The share market is weaker after crude prices eased and iron ore fell to its lowest price since tracking began in 2008.

Growing expectations of a rate cut next week have knocked the Australian dollar back below 76 US cents.

Wall Street stocks have tumbled, snapping a two-day winning streak to close the first quarter on a sour note as volatility in equity markets stays high.

Gold has turned lower, pressured by the firm US dollar and weak oil prices, and with expectations that the Federal Reserve will increase interest rates this year pushing bullion toward its second monthly decline.

Oil prices have fallen as global powers and Iran raced to reach a deal on Tehran's nuclear program that could ease sanctions on the crude producer, adding to the global oversupply.

The Australian share market has rebounded on expectations of monetary easing in China, finishing the session strongly and posting an almost 9 per cent gain for the year's first three months.

James Packer has finally managed to offload his family's stake in Australia's biggest ski resort, with Perisher set to fall into American hands.

Accounting software giant MYOB is preparing to raise more than $800 million by returning to the stock market after a six-year absence.

The mining union has attacked BHP Billiton for the resources giant's call to make it harder for workers to take industrial action.

Cheaper books, longer shopping hours and medicines available at supermarkets could be on the cards as a result of a new report.

A local couple who were denied work because they were not union members have been awarded more than $720,000 compensation.

Expectations of a Chinese interest rate cut have boosted the Australian share market, with the big miners making the strongest gains.

The Australian dollar has shed almost one US cent amid a stronger US dollar and growing expectations of a rate cut when the Reserve Bank meets next week.

Wall Street stocks have surged on a string of pharmaceutical deals and speculation of more monetary stimulus in China.

Oil prices have dipped as traders eyed talks between Iran and global powers that could ease international sanctions on one of the world's leading oil producers.

Gold has fallen more than one per cent, its biggest drop in more than three weeks, as the US dollar climbed on increasing prospects that the US Federal Reserve may start raising interest rates this year.

Chevron's exit from two major Australian investments has raised concerns about the growth outlook for the nation's oil and gas industry as shares in the sector dive.

The share market has tumbled more than 1 per cent as the energy sector bears the brunt of fresh falls in the oil price.

Slater and Gordon has struck a $1.2 billion deal to make it the UK's top personal injury lawyer.

Shares in gold and copper miner PanAust have rocketed after a heavily reduced takeover bid by Chinese company Guangdong Rising Assets Management.