AAP

Senior federal government ministers say any proposal by Indonesia to buy Australian farmland for cattle grazing will be under joint venture arrangements.

Rail travel in Australia is growing in popularity with new figures showing an escalation in the number of passenger journeys.

The Australian share market has opened nearly half a per cent higher.

The Australian dollar has slipped from a one-week high reached after the central bank appeared to play down the need for more interest rate cuts.

US stocks have jumped amid hopes the partial government shutdown will not seriously harm the economy.The Dow Jones Industrial Average rose 62.03 points (0.41 per cent) to 15,191.70.

Weaker than expected economic figures from China and renewed concerns about the Ukraine have caused a significant fall on the local sharemarket.

It costs $317 per day - or more than $115,000 a year - to keep each prisoner locked up in West Australian jails, new figures have revealed.

The Reserve Bank of Australia has left the cash rate unchanged at a record low of 2.5 per cent, saying the current setting of monetary policy remained appropriate.

Prime Minister Tony Abbott has vowed to rebuild confidence between Australia and Indonesian businesses, lamenting that a "mature" economic relationship has not yet been reached.

Billionaire mining magnate Gina Rinehart wishes to relinquish her role as the trustee of her family's multibillion-dollar trust, a Sydney court has heard.

Retail spending has recorded its second consecutive monthly rise but growth in the sector remains sluggish.

Fairfax Media will cut 45 jobs through the merger of business reporting across three newspapers and the closure of high-gloss magazine inserts.

Former resources minister Martin Ferguson has joined Kerry Stokes' investment company Seven Group Holdings as its head of natural resources and will also chair the Australian Petroleum Production & Exploration Association's advisory board.

The Australian market has opened higher after gains on international markets as investors shrugged off worries about the partial US government shutdown.

The loss of Western Australia's AAA credit rating has played a role in the state government ditching plans for an extra storey at a hospital currently being constructed.

Gold futures have ended lower as worries about liquidity saw some investors trim back their holdings of the metal in favour of cash.

US stocks have retreated as a partial US government shutdown loomed due to Washington political gridlock over a new budget.

The Australian dollar is higher against a weaker US dollar as the US Congress struggles to pass budget legislation before the end of the financial year.

The Australian dollar has fallen slightly ahead of next week's Reserve Bank board meeting, amid anticipation that the central bank may lean towards another rate cut.

Woolworths boss Grant O'Brien earned $5.7 million last financial year, just over half as much as his rival at Coles.

The Australian share market has hit another fresh five year high as previously underperforming stocks pushed the market to its seventh consecutive week of gains.

Australia's largest automotive retailer says the outlook for car sales is encouraging, especially since proposed changes to the fringe benefits tax (FBT) were dumped.

Harvey Norman chairman Gerry Harvey's annual pay remained steady at $1.03 million last financial year, as the company's profit dropped by 17.5 per cent.

Origin Energy is headed to court over allegations its door-to-door salespeople harassed and lied to customers.

The City of Perth is pushing ahead with a bid to expand its boundaries, voting to add another prominent nearby landmark to its jurisdiction.

Tigerair Australia will begin flying between Sydney and Perth from December.

Federal Treasurer Joe Hockey says the budget has deteriorated and the projected deficit for this financial year is likely to be worse than Labor's forecast.

The Abbott government is reportedly considering a review of all welfare payments, including income-support payments for single parents.

The Australian stock market has hit a fresh five-year high, following Wall Street's positive overnight lead.

The Australian dollar is slightly lower as traders wait for a clearer picture on the progress of budget talks in Washington.

US stocks have risen for the first time in six days after some encouraging jobs and housing market data.The Dow Jones Industrial Average rose 55.04 points (0.36 per cent) to 15,328.30.