AAP

Three Western Australian politicians have been named in Prime Minister-elect Tony Abbott's new ministry, with two others receiving posts in the outer ministry.

Canberra's mid-year budget update, usually released at the end of the year, may be delayed until early 2014 by the incoming federal coalition government.

Australian shopping centre giant Westfield is selling seven US malls for $US1.64 billion ($A1.76 billion).

Rare earths miner Lynas has widened its full year loss but has set the ambitious goal of becoming one of the the world's leading rare earths suppliers.

The Australian share market has opened more than three-quarters of a per cent higher.

New houses in Australia's capital cities are being built on plots of land that are up to one third smaller than 10 years ago, says industry analyst BIS Shrapnel.

Queensland farmers will take on Australia's richest woman and an Indian mining giant in the state's land court.

Lawrence Summers, who was considered the leading candidate to replace current US Federal Reserve Chairman Ben Bernanke, has withdrawn his name from consideration.

The Australian dollar has bounced on the news that former US treasury secretary Larry Summers has withdrawn from the race to succeed Ben Bernanke as Federal Reserve chief.

From Friday September 13.

The Australian dollar is trading slightly lower, as traders look ahead to a key meeting of the US Federal Reserve next week.

The Australian market closed lower on Friday after a seven-day run of gains that had pushed share prices to five-year highs.

The chief executive of Brockman Mining Luk Kin Peter Joseph has been charged with bribery offences over a $15 million company sale.

Twitter will face intense pressure to boost advertising revenue when it floats on the stock market later this year, Australian analysts say.

Aquila Resources has confirmed negotiations are under way with interested parties regarding the sale of a stake in the $7 billion West Pilbara iron ore project, in case battling joint venture partn

The world's largest drilling company Boart Longyear has had its credit rating downgraded as it braces for a tough year ahead.

Etihad Airways has increased its stake in Virgin Australia, surpassing Richard Branson's Virgin Group as the airline's third largest shareholder.

Australian shares are lower due to a weak lead from global markets.

US stocks have fallen, with uninspired trade putting a halt to the S&P 500's streak of seven straight gains.

The continued cooling of the mining industry is being blamed for Western Australia's rising unemployment rate, which has jumped to a seasonally adjusted rate of 5 per cent.

Engineeering and construction business Forge Group has been awarded a $100 million contract to expand a Pilbara iron ore mine owned by mining giant Rio Tinto.

The Australian share market has closed higher, shrugging off four-year-high unemployment figures.

Bega Cheese has made a $319 million play for fellow dairy producer Warrnambool Cheese and Butter that could create one of Australia's largest listed food companies.

Gina Rinehart's Hancock Prospecting has lost its final bid to claw back a stake in the large Rhodes Ridge iron ore project in the Pilbara.

Australia's largest beef cattle producer plans to raise almost $300 million through the sale of new shares.

Australian shares are flat as investors stand by for unemployment data for August.

Myer chief executive Bernie Brookes has criticised high wages costs and the GST as the department store's full year profit fell by 8.7 per cent to $127.2 million.

The Australian dollar is higher as strong business and consumer sentiment surveys drive optimism about the local economy.

US stocks have closed mixed, with the Dow surging sharply higher and Apple dragging down the Nasdaq after its iPhone launch missed expectations.

The Australian share market has hit a five year high as investors are inspired by China's economic growth.

Premier Colin Barnett says 457 visa holders deserve more information about plans next year to slug them $4,000 a year for their child's education.

An internet petition set up by a Liberal-voting student to save Labor's national broadband network has become Australia's largest ever online petition.