AAP

It takes a special kind of wealth to lose more than $7 billion in a year and still top a list of the nation's richest people.

The Australian dollar has dropped back below 98 US cents following disappointing consumer sentiment figures.

Australian stocks closed lower for a second consecutive day, dragged down by the banks and a surprisingly poor consumer sentiment report.

Two months after the West Australian election is too soon to start claiming the state government is breaking election promises, Premier Colin Barnett says.

More Australians were feeling bad about the economy in the week the federal budget was released.

The federal opposition has questioned Treasury's budget forecasts, saying the numbers would be different if the department was "left to its own devices".

US stocks have closed higher after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke.

The Australian dollar is slightly lower, as traders speculate over the likelihood the US central bank will wind down its economic stimulus program.

The Reserve Bank of Australia says a softer-than-expected inflation outlook allowed it to cut the cash rate to a record low, as it tries to boost underperforming sectors or the economy.

The Australian market has closed around half a per cent lower, dragged down by weakness among the banks and industrial stocks.

The Australian dollar has pushed back above 98 US cents amid weakness in its US counterpart.

Drilling services company Boart Longyear has released its third earnings downgrade in nine months, saying demand for its services has continued to weaken because mining companies are scaling back o

Almost $141 million has been wiped from the value of diversified contractor Transfield Services as cost cutting in the mining sector hit its earnings outlook.

The Australian share market has opened a third of a per cent higher.

Television executive Tim Worner has been appointed the chief executive of Seven West Media.

US stocks have slipped despite a flurry of merger and acquisition news this week.

The Australian dollar has surged past 98 US cents as the American currency takes a breather from its rally ahead of an economically-busy week.

The Australian dollar is slightly firmer on Monday, after spending most of the past week in a downward spiral.

Shares in Santos closed 1.6 per cent higher after the company said oil production started ahead of schedule at its $490 million Fletcher Finucane project off the West Australian coast.

Australian stocks closed stronger, pushing above one per cent during the day but eased to around half a per cent higher by the finish.

Construction giant Leighton Holdings says it's not concerned about the recent woes of mining services companies due to its diverse business interests and cyclical nature of the industry.

Two Liberal premiers and a major industry group say the goods and services tax should be on the reform agenda.

The Australian share market is higher as another Wall Street record buoys mining and banking stocks.

Federal Labor is "totally opposed" to increasing the rate or broadening the GST, Trade Minister Craig Emerson says.

The Australian dollar is slightly higher, but has failed to make any significant gains despite US stocks rising to a new all-time record at the end of last week.

The Australian share market closed higher on Friday, led by investors picking up cheaper mining stocks after heavy selling in recent days.

The Australian dollar has fallen to its lowest level in almost a year, with no signs the sell-off will be over any time soon.

The Australian share market closed higher on Friday, led by investors picking up cheaper mining stocks after heavy selling in recent days.

Australia's richest woman, Gina Rinehart, has drawn criticism from Prime Minister Julia Gillard after saying Australia would face the same problems as Greece if support for the mining industry was

Pay rises handed to the Western Australian government ministerial staffers are excessive, given savings are being sought in the rest of the public sector, the opposition says.

Billionaire Clive Palmer says he's been approached by West Australian parliamentarians keen to become candidates for his political party.

The resources sector is being used like an ATM machine and Australia's record debt is unsustainable, mining magnate Gina Rinehart says.