AAP

The Australian sharemarket has closed higher after the central bank lifted its forecasts for economic growth.

Australia's economic growth is expected to pick up pace this year thanks to a lower exchange rate and stronger activity in the housing and retail sectors, according to the latest forecasts from the Reserve Bank of Australia.

Australian stocks have opened higher following strong gains on international markets overnight.

US stocks have surged amid optimism that the January jobs market report out on Friday will point to firm economic growth.

Gold futures have eked out a slight gain with some traders reluctant to place large bets on the precious metal ahead of a closely watched reading on US employment.

The Australian dollar is firmer as surprisingly positive trade figures continue to give it a boost.

The share market has bounced back after three straight days of losses, rising by more than one per cent as international investors were encouraged by a rising Australian dollar.

Woolworths achieved an additional $1.8 billion in sales during the final six months of 2013, as its supermarkets continued to attract more customers.

Virgin Australia has gone further into the red, making a $49 million loss for the first half of the financial year.

The commonwealth auditor-general says the Australian Electoral Commission was warned at least four years ago about problems with its vote counting system.

The offices of millionaire resources magnate and Perth Glory owner Tony Sage have been raided for a second time by the Australian Federal Police.

The share market has started the week with losses following falls out of the US and expectations there will not be any rate cuts in Australia soon.

Australia has posted its eighth consecutive rise in retail spending, a sign that another non-mining sector of the economy is gaining strength.

A national database to record mining industry deaths and injuries has yet to have any data entered into it, despite governments starting work on it 12 years ago.

World oil prices have risen modestly after a closely watched US oil report suggested severe winter weather across large parts of the country was pushing up demand for heating oil.

The Australian dollar is firmer following weaker-than-expected US private sector jobs data.

US stocks have ended modestly lower following mixed jobs and services sector data and as investors looked ahead to Friday's US labour market report.

The sharemarket lost early gains to again close lower as investors remain cautious ahead of the release of corporate earnings reports.

Prime Minister Tony Abbott has rejected accusations the government is "leaning on" the industrial umpire in an effort to cut the penalty rates of workers.

A victory for ANZ customers fighting against penalty fees could be worth tens of millions of dollars, their lawyers say.

The share market has started the week with losses following falls out of the US and expectations there will not be any rate cuts in Australia soon.

Engineering group Downer EDI has won a $70 million contract with Crocodile Gold Corp to help run the Canadian company's Northern Territory operations.

US stocks have closed higher after some solid corporate results allowed a partial recovery following Monday's rout.

US oil prices have pushed higher after falling for two sessions as much of the country's upper Midwest and northeast faced more extra-cold weather from a looming winter storm.

The Australian dollar has rallied after the central bank indicated the cash rate will stay unchanged for some time.

The federal government says any change to the modern award system needs to look at the impact of penalty rates on employers.

The Australian sharemarket has suffered its heaviest one-day losses since August, with spooked investors reacting to a sharp fall in US manufacturing activity growth.

The Reserve Bank of Australia has kept the cash rate at 2.5 per cent, highlighting an improved outlook for the local and overseas economies.

The share market has started the week with losses following falls out of the US and expectations there will not be any rate cuts in Australia soon.

The Australian dollar is range-trading as investors await the Reserve Bank of Australia's February cash rate decision.

US stocks have fallen more than two per cent after a surprisingly weak US manufacturing report sparked another round of selling amid concerns about the strength of the global economy.

Oil prices have fallen after weak manufacturing data in the United States and China fuelled worries about demand in the world's two biggest oil consumers.