AAP

Federal Small Business Minister Bruce Billson has rejected a suggestion that the government should guarantee loans for small businesses to foster growth in the sector.

The Australian share market has closed almost flat, with a healthy quarterly earnings report from the Commonwealth Bank the highlight.

Education ministers from states yet to sign up to the Gonski school funding overhaul are meeting with federal minister Christopher Pyne to discuss the matter.

Engineering and maintenance firm Downer EDI says it will take some time for its rail business to adjust to the slowdown in the mining sector.

The Commonwealth Bank of Australia is on track to make another record full year profit, after recording earnings of $2.1 billion in the three months to the end of September.

Australian stocks have started the local session on the back foot, following weakness on international markets.

The benchmark US oil price has sunk to a five-month low as traders anticipate a key report will show US supplies are continuing to pile up.

US stocks have ended mostly lower as analysts pointed to the need for markets to absorb recent gains after a number of records in the past couple of weeks.

The Australian dollar has bounced back after its fall following the Reserve Bank's monetary policy statement expressing concern about the currency's high value.

Tighter federal and state budgets are going to make economic reform harder in the future, a report says.

Australian shares have delivered a strong finish on Melbourne Cup day, with the big miners leading the way.

Former federal police chief Mick Keelty has begun his investigation into 1,375 missing votes from the Western Australian Senate ballot.

The ethical bar for ministers may now be set too high, Premier Colin Barnett says, after treasurer Troy Buswell came under pressure for helping to get his son an appointment for a driving test.

Australia's jobless rate is expected to drift higher, despite the recent pickup in economic data and improvement in consumer and business confidence.

The Australian stock market has opened higher following a solid lead from the US and ahead of the Reserve Bank of Australia's monthly interest rate decision.

Oil prices have risen slightly as traders hunted bargains after a series of losses while the market kept an eye on abundant US crude-oil supplies.

US stocks have ended a quiet day higher as investors look ahead to some important economic reports later in the week, including the monthly jobs report.

The Australian dollar has rallied above 95 US cents on the back of strong retail and house prices data.

Mix 94.5 has reclaimed the top slot in Perth's radio ratings, gaining a 1.3 per cent increase in listeners to claim 13.5 per cent of the audience.

Treasurer Troy Buswell has been accused of abusing his power by intervening to get his son an appointment for a driving test.

The share market drifted lower as a record annual profit from Westpac and strong retail sales figures failed to provide impetus.

Retail spending continues to improve, driven by department store sales, reflecting the bounce in consumer confidence since the September federal election.

Labor must expand or die, according to Western Australian leader Mark McGowan, who has revealed plans for local party branches to hold meetings online.

The Abbott government is being urged to close a legal loophole after the Federal Court ruled against four Filipinos being paid less than $3 an hour to work on oil rigs off the West Australian coast.

The controversial results of Western Australia's senate recount have been formally declared ahead of a likely High Court challenge.

The Australian stock market has opened higher following gains on Wall Street driven by good US manufacturing data and car sales figures.

Westpac has announced a record $7.1 billion full year profit, and the bank expects improving consumer confidence to help it build on the result next year.

Gold futures have fallen, as pressure from a stronger US dollar dampens investor interest in the dollar-denominated metal.

US stocks paused this week following a stream of corporate earnings that were solid enough to maintain the year's gains, but not quite good enough to push the rally forward.

The Australian dollar is lower against the greenback, driven by good US data and talk that the US Federal Reserve could begin tapering its economic stimulus program sooner rather than later.

Shares in Macquarie Group climbed to their highest level in four years after the investment bank's half year profit rose by 39 per cent to $501 million.

Consumers could be faced with higher prices in coming months due to an acceleration in business energy costs.