AAP

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.

The Australian stock market has started the week lower amid a selloff in banking and resources stocks.

Gold futures have rebounded as traders who had bet on lower prices cashed out ahead of the weekend following data showing a decline in US producer prices.

US stocks have spent most of 2013 on an upward tear but they spent most of last week in retreat.

The Australian dollar is higher, as it goes into stabilisation mode after falling 1.5 per cent last week.

Woodside Petroleum boss Peter Coleman would love to pull off a big overseas deal and set his company up for years of strong growth.

Prime Minister Tony Abbott has reached a deal with the states and territories to cut red and green tape for major projects in a bid to boost the national economy.

The Australian share market has broken a six day losing streak as bargain hunters picked up the banking and mining stocks that had fallen in value the past week.