AAP

The federal government will not make changes to the GST this term despite a recommendation from an independent economic body, Finance Minister Mathias Cormann has indicated.

New figures highlight the challenge facing Treasurer Joe Hockey in his quest to repair the budget - a slowing economy and weak demand for workers.

Forecasting firm BIS Shrapnel has tipped the Perth office vacancy rate to peak at 23 per cent by 2018, a figure significantly higher than the expectations of the city's leading commercial property agents.

The Australian share market has opened higher.

Construction giant Leighton is handing over a 50 per cent share in its services operations to a US investment firm in a deal valuing the business at $1.075 billion.

Scooter maker Vmoto is launching a new joint venture company in China to meet the increasing demand for electric vehicles.

Boart Longyear is asking investors to support a $400 million bailout package for the troubled mining services company after calling a special shareholder meeting.

US stocks have finished lower following a topsy-turvy session amid unease over plunging oil prices and a crash in the Russian rouble.

Oil prices in New York have stabilised but European crude have sunk again after a Kuwait official said OPEC would not take emergency actions to stop prices from falling.

The Australian dollar is weaker as a plunge in the Russian rouble hit risk sentiment.

Gold futures have fallen on fears of a hawkish monetary policy statement from the Federal Reserve and concerns about the Russian rouble's continued decline.

Banks should be forced to hold more capital in order for them to impress their offshore creditors, the head of the government's financial system inquiry says.

Penfolds maker Treasury Wine Estates says its performance so far this financial year is on track and ahead of the prior year.

A bid by the Western Australian government to allow a certain amount of genetically modified material in certified organic food has failed.

This week, Treasurer Joe Hockey and Finance Minister Mathias Cormann said this was the year that the government "commenced the critical task of repairing the budget".

Telstra has paid a $102,000 penalty for misrepresenting the price of its iPhone 6 plan.

Consumers are becoming more pessimistic heading into Christmas, with weak September quarter economic growth figures not helping their mood.

Crown Resorts has announced the resignation of director Ashok Jacob, who has had a long association with the Packer family.

The high-speed communications network linking federal government departments and agencies could be sold.

The Australian sharemarket has started on the backfoot again after continued weakness in oil prices pushed global stocks lower overnight.

The Reserve Bank believes the Australian dollar is still too high, especially considering recent significant falls in commodity prices.

Woodside Petroleum will spend $US2.75 billion ($A2.98 billion) to buy LNG and oil projects in Australia and Canada.

US stocks have followed European markets lower after another big drop in world oil prices.

The Australian dollar has again threatened to fall below 82 US cents, under pressure from low oil prices and a siege in central Sydney.

Global oil prices have slid to new multi-year lows after a top OPEC official suggested that speculation largely was driving the market lower, indicating the cartel would keep output unchanged.

Gold prices have fallen, as the US dollar firms ahead of a Federal Reserve meeting later in the week.

The deficit forecast for the federal budget has blown out to $40.4 billion, with a surplus projected for 2019-20 in the mid-year economic and fiscal outlook.

US-based logistics giant Iron Mountain is bemused with Australian data management business Recall Holdings’ dismissal of its $2.2 billion takeover offer.

The share market has fallen for a fifth consecutive session amid lower trading volumes due to a siege in Sydney’s CBD.

Trading on Australia's key financial markets has been hit by the hostage crisis in Martin Place.

The corporate watchdog has cancelled the registrations of more than 400 self managed super fund auditors who failed to pass a competency test.

Newcrest Mining expects to save up to $US2.5 billion by splitting the development plan for a mine in Papua New Guinea into two stages.