AAP

Joe Hockey is not going to be panicked into further budget cuts despite a likely decline in the nation's income.

One of Australia's most prominent businesswomen, Westpac chief executive Gail Kelly, is stepping down after seven years at the bank's helm, to be replaced by Brian Hartzer.

Australia's share market has opened flat as the major miners lifted but the big banks weakened.

Wall Street's five-day record run has ended after huge fines for rigging the foreign exchange market sent the shares of three leading US banks tumbling.

The Australian dollar is higher, supported by a weaker yen and a surging New Zealand dollar.

Oil prices retreated with traders fixed on the OPEC oil cartel which appears set to maintain output at an upcoming meeting despite ample global supplies of crude.

Gold prices are lower as the US dollar's gains drove investors out of the precious metal.

The Australian share market has closed sharply lower, pulled back by weakness among the big banks and the major miners.

They say the way to a man's heart is through his stomach. Qantas is trying to test that theory.

Myer sees gloomy shoppers as a challenge after posting a disappointing flat first quarter result and losing womenswear sales.

Sluggish wages growth and rising unemployment is hardly a recipe for a happy consumer.

Westpac boss Gail Kelly has become one of the country's highest paid executives, with her pay packet swelling to around $13 million.

The coalition government has accused Labor of betraying the renewable energy sector by abandoning negotiations on a new target.

Seven West Media is warning of a 10 per cent a slide in its first-half profit due to softer-than-expected television advertising.

Commonwealth Bank of Australia chairman David Turner says Australia's largest lender is "cautiously positive" about 2015 financial year.

US stocks have set fresh records for the fifth straight session, but just barely, amid holiday-dampened trade.

Oil prices have traded mixed as the market gauged the outlook for an OPEC oil production cut amid abundant global supplies.

Gold prices have ticked higher as a respite from the strong US dollar squeezes some bearish investors out of the market.

The Australian dollar has hit 100 Japanese yen for the first time in 18 months, giving the local currency a leg-up against the greenback.

The share market has closed lower as a broad drop in commodity prices weighed on energy and resources stocks.

The amount of home loan-backed securities held by the Reserve Bank of Australia has increased 25 fold to help banks settle day-to-day transactions.

While its rivals are agitating for an overhaul of media ownership laws, Seven is preaching caution.

Three of billionaire Gina Rinehart's companies will go to trial next March over the late filing of financial accounts with the corporate regulator.

Joe Hockey won't deliver a mini-budget when he updates the government's books next month.

A record-high surge in business conditions in October has failed to light a fire under Australian companies, with confidence taking a fall.

The Australian share market is flat, weighed down by the mining stocks.

US stock markets have soared to fresh records, but internet broadband carriers were hit hard by President Barack Obama's call for tough net neutrality rules.

The Australian dollar is lower as the greenback regains ground following its post-jobs report slump.

World oil prices have tumbled after Kuwait downplayed prospects for an OPEC output cut in the face of abundant global supplies.

Gold prices have fallen as a rising US dollar prompts traders to lock in profits after last week's sharp rally.

Former Perth-based rare earths miner Lynas Corporation's shares have bounced after it tried to reassure investors the rare earths market is not going as badly as speculated.

House builder Cedar Woods Properties says strong market conditions in Western Australia and Victoria will likely lead to profit growth.