AAP

The Reserve Bank of Australia has kept the cash rate at 2.5 per cent, saying the global and local economic outlook is improving.

Rio Tinto has announced plans to cut capital expenditure by more than 20 per cent per year out to 2015, but beyond then will need to consider major new projects to support its growth objectives.

The Australian stockmarket is flat following a weak lead from Wall Street and ahead of the Reserve Bank's monthly interest rate decision.

Virgin Australia will proceed with its planned $350 million equity raising after the move received the green light from the Takeovers Panel.

Fortescue Metals Group says it's in a position to comfortably repay debt without having to do joint ventures or sell assets as the price of iron ore remains strong.

US stocks have taken a breather from the bull market of 2013, pushing lower as some analysts cited profit-taking and speculation of tighter monetary policy.

Global crude prices have pushed higher ahead of OPEC's December meeting on the oil market, as Saudi Arabia suggested no change to the cartel's output ceiling.

The Australian dollar has shed more than half a US cent after the strongest American factory activity data in more than two years stirred US stimulus tapering expectations.

The federal government has backed down on schools funding after a row with a majority of the states and territories.

In Western Australia, building approvals were down 6 per cent in October; whereas the previous month saw an 11.7 per cent rise.

The Australian share market has closed at a six-week low, with better-than-expected Chinese manufacturing data unable to inspire investors.

Grocery wholesaler Metcash has lifted its first-half profit more than 20 per cent thanks to its exit from the Franklins line of supermarkets, but its underlyng earnings were weaker as it continued to be affected by deregulation WA and strong competition nationally.

Prime Minister Tony Abbott has left the door open to allow greater foreign ownership of Qantas but says any decision must be in the national interest, as the airline announced a new code-sharing agreement with China Southern Airlines.

Outgoing GrainCorp chief executive Alison Watkins is heading to beverages supplier Coca-Cola Amatil (CCA) as group managing director.

Australian stocks have started the week on a flat note, despite mining stocks receiving a boost from positive Chinese economic data.

Gold prices have clocked their worst November since 1978, as a brighter economic landscape fanned fears of reduced stimulus efforts by the Federal Reserve.

From Saturday, November 30:

The Australian dollar is starting the week higher ahead of the Reserve Bank of Australia's (RBA) last interest rate meeting for 2013.

The share market has closed slightly lower on a day marked by a sharp fall in GrainCorp shares after the federal government blocked a foreign takeover.

NBN Co chief Ziggy Switkowski admits it will be "tough" to meet the federal government's 2016 delivery deadline for the national broadband network.

Mining giant Rio Tinto will close its Gove alumina refinery in the Northern Territory, bringing the axe down on up to 1,500 jobs and an entire mining town.

The Australian share market has opened flat.

European banks will require 280 billion euros ($A421 billion) of extra capital in 2014 to meet reforms aimed at avoiding a repeat of the global financial crisis, according to a report.

The Australian dollar has slipped a little lower after rallying on the back of some surprisingly good business investment data.

Treasurer Joe Hockey's blocking of a $3.4 billion foreign takeover of grains handler and marketer GrainCorp will have implications for the whole agricultural industry, the company says.

Murray Goulburn has lifted its offer for Warrnambool Cheese and Butter to $533 million to stay in the three way race for the historic dairy company.

The Australian sharemarket has finished flat ahead of the Thanksgiving holiday in the United States.

Gold miner Ramelius is working to get its flagship asset in Western Australia profitable next year despite a weaker gold price.

Federal Treasurer Joe Hockey has offered the states and territories incentive payments to sell off public assets and put the money into new job-creating infrastructure.

Finance Minister Mathias Cormann insists there is a budget emergency, but that doesn't mean the government has to act in a "panicked, chaotic fashion" to deal with it.

Australian stocks have opened higher following a solid night on global equity markets.

An easing of foreign ownership restrictions on Australia's national airline, Qantas, could devastate the iconic flying kangaroo, a federal parliamentarian warns.