AAP

 US stocks have surged to new records after the US Federal Reserve modestly scaled back its bond-buying program in a much-anticipated decision.

The full 12 kilometre length of a planned new rail line to Perth Airport could be completely underground, Western Australian Treasurer Troy Buswell says.

Australia's long-run prosperity depends on federal government support for productive industries and more flexible workplaces rather than cheaper loans, the central bank says.

Bega Cheese has pulled out of the three-way battle for control of Warrnambool Cheese and Butter.

Australian shares are marginally weaker as uncertainty about the US Federal Reserve's stimulus decision hits banks and retailers.

Engineering and construction business Decmil Group has won a $147 million contract for work on the expansion of the Manus Island detention centre, taking its total awarded work at the centre to $284 million.

Australian engineering group UGL has been awarded a five-year multi-million dollar contract to maintain energy giant Chevron's Western Australia gas assets.

The Australian stock market is higher as investors sit on the sidelines awaiting the outcome of the US Federal Reserve's final meeting of 2013.

The architect of the Gillard government's school funding reforms, David Gonski, will take over as chairman of ANZ next year.

The Reserve Bank of Australia is keeping an open mind on further interest rate cuts, but says monetary policy can't do all the heavy lifting in the economy.

US stocks Tuesday closed lower as investors awaited Wednesday's conclusion of a much-anticipated US Federal Reserve policy meeting.

The Australian dollar has fallen below 89 US cents for the first time in four months as expectations about an upcoming US Federal Reserve announcement continue to weigh on the currency.

The Australian share market has finished slightly higher as defensive stocks performed well after the release of the government's budget update.

Australia have put the pain of three straight Ashes-series defeats behind them, crushing England by 150 runs in the third Test on Tuesday to regain the urn.

Leighton Holdings subsidiary Thiess has won a $570 million four-year contract extension on a coal mine owned by Wesfarmers.

The door is still open for another cash rate cut, thanks to benign inflation and the persistently high Australian dollar.

BHP Billiton will slash up to 200 jobs after closing its underground nickel mine in Western Australia due to safety fears.

The 2013/14 federal budget has blown out by $17 billion since the election and is forecast to be the third largest deficit on record at $47 billion.

The Australian share market is making early gains led by the banks following jumps in stocks in the US and Europe overnight.

US stocks have jumped following a strong report on US industrial output that came a day before a much-anticipated US Federal Reserve policy meeting.

Oil prices have jumped after armed protesters in Libya refused to lift a months-long blockade of key oil terminals in the eastern part of the country.

The Australian dollar is slightly lower, trading in a tight range, ahead of announcements from the Australian and US central banks.

The federal government has confirmed it will fund road projects in Western Australia's resources-rich north but it remains to be seen whether a $615 million pledge for the Swan Valley Bypass will be honoured.

A group of large industrial gas users has urged Premier Colin Barnett to stand firm in insisting the Woodside-led Browse gas project is developed onshore.

Treasurer Joe Hockey is set to announce a budget deficit of just under $50 billion as he lays out a roadmap back to the black.

The Australian share market has closed lower ahead of the US Federal Reserve's last meeting for 2013.

England faces yet another massive fourth innings run chase, sitting at 4/121 and chasing 503 towards the end of day four of the third Ashes test.

Senex Energy has withdrawn its $752 million takeover offer for fellow Australian oil and gas producer AWE.

Freight rail operator Aurizon says no extra jobs will be lost as it shrinks the size of its rail fleet and finalises the termination of a Queensland project.

Wesfarmers has announced its second significant asset sale this month, with the disposal of the Australian and New Zealand underwriting operations of its insurance business to Insurance Australia Group (IAG) for about $1.85 billion.

Prime Minister Tony Abbott says there's a good chance Toyota can be convinced to keep making cars in Australia - but it won't involve government handouts.

Prime Minister Tony Abbott says there's a good chance Toyota can be convinced to keep making cars in Australia - but it won't involve government handouts.