AAP

The Australian dollar has recovered somewhat after dipping to a three-week low following the US Federal Reserve's announcement it will keep its aggressive economic stimulus program in place for now.

US oil prices have fallen for a second day in a row after an inventory report showed a surprisingly large increase in US supplies.

US stocks have closed lower after the US Federal Reserve maintained an aggressive monetary stimulus program and reiterated that it will await stronger economic conditions before scaling it back.

The grocery industry has warned that a price war between the nation's big two supermarket chains could hurt consumers in the long run if food suppliers don't have money to invest in their businesses.

Australian shares have finished firmer as investors expect the US Federal Reserve to maintain its economic stimulus measures.

Construction giant Leighton says it will fight a class action filed by shareholders seeking to recover losses stemming from the company's massive profit downgrade in 2011.

Crown chairman billionaire James Packer says an ambitious program to expand the number of its integrated hotel and casino resorts in Asia and Australia is affordable.

Telco giant Telstra is suing the National Broadband Network Company over a commercial dispute that could be worth more than $100 million.

Australian stocks have opened higher after Wall Street's Dow Jones and S&P 500 both hit fresh record highs.

Fortescue Metals Group is looking to take advantage of favourable credit market conditions to lower the interest repayments on its debt.

Gold prices have pulled lower amid investor caution ahead of the start of the two-day Federal Reserve policy meeting.

The Dow and S&P 500 has closed at fresh all-time highs one day before a US Federal Reserve decision that is expected to maintain aggressive monetary stimulus.

The Australian dollar has fallen below 95 US cents for the first time in three weeks after Reserve Bank of Australia boss said the persistently high currency would eventually get weaker.

Japanese dairy and beverage company Lion has entered the takeover battle for Warrnambool Cheese and Butter Factory, taking a 9.99 per cent stake in the company.

UGL has told shareholders that its property and engineering arms are being split as quickly as possible and will be standalone companies by June 30 next year.

Property developer Stockland says Australia's housing market is improving, as deposits on new homes rise to a three year high.

The Australian share market fell as investors took profits after the recent record highs reached by three of the big four banks.

Wesfarmers chief executive Richard Goyder says Australia's supermarket trade is not a duopoly controlled by Coles and Woolworths and online retailer Amazon is a far greater threat to local retailing.

Small businesses are being gouged by bank fees while big business gets off lightly, Reserve Bank data shows.

The federal government has announced plans to streamline visa applications for Australia's international education sector but the tourism industry says its own outdated visa system risks robbing the country of billions of tourism dollars.

Demand for skilled labour is on the rise and expected to continue climbing as a recovery in new home building takes hold.

With hopes fading that non-mining sections of the economy will take up the slack of a waning resources investment boom any time soon, an independent forecaster believes government infrastructure spending must be encouraged.

The Australian market has opened lower following a run of gains, an absence of more positive drivers and flat offshore leads overnight.

ANZ boss Mike Smith says the bank is "firing on all cylinders" after posting a bumper $6.5 billion profit.

The head of the Reserve Bank of Australia says house prices aren't rising too fast but has warned buyers not to over-extend themselves when taking out a home loan.

Education Minister Christopher Pyne says the coalition government will investigate whether it is sensible to on-sell $23 billion of HECS debt to the private sector.

US stocks have ended a quiet day essentially flat ahead of a two-day US Federal Reserve policy meeting that concludes on Wednesday.

The Australian dollar is lower as traders await more information on the state of the US economy.

The Australian sharemarket has closed at a five year high as the major banks lifted ahead of the release of NAB and ANZ results.

More than 1,100 West Australian public servants have applied for generous voluntary redundancy packages, as the state government strives to trim the budget.

Shares in Perth-based minerals explorer Greenland Minerals and Energy have spiked after Greenland's parliament voted to remove a 25-year-old ban on uranium mining.

The husband of Perth federal MP Alannah MacTiernan plans to plead guilty to a charge that he mishandled money from his law firm's trust fund.