AAP

The tiny community of Pardoo is set to feel the full force of Severe Tropical Cyclone Rusty, which is set to cross the coastline this afternoon.

A bushfire tearing through Perth's northeastern fringes continues to quickly move in a westerly direction.

The Australian dollar is more than half a US cent lower as uncertainty about the Italian election result weighs on market sentiment.

The Australian share market finished higher following a strong lead from Wall Street and encouraging earnings reports locally.

Australian shoppers may be ready to start splashing their cash again as solid savings rates and low inflation lifts consumer confidence, Westfield boss Peter Lowy says.

A Perth court has confirmed Wright Prospecting's full control over the large Rhodes Ridge iron ore project in the Pilbara after a challenge by Gina Rinehart's Hancock Prospecting.

A deep drop in hotel bookings across Asia, Europe and the United States has dragged down earnings at online travel agency wotif.com.

Disgruntled prison officers in are about to decide whether to strike for a better pay deal as the state election approaches.

Global credit rating agency Standard & Poor's expects Australian economic growth will remain close to trend in coming years, as public debt peaks at a low level.

Prime Minister Julia Gillard believes the Australian dollar will stay high for some time but says this shouldn't stop the nation from having a viable manufacturing sector.

A fall in commodity prices in the second half of 2012 contributed to a decline in construction activity in the final three months of the year.

Mining services company MacMahon Holdings will post a loss of up to $20 million this financial year because of its troubled construction business.

Tropical Cyclone Rusty has been upgraded to a category four, and the massive storm is now battering the Pilbara coast.

The Australian share market is higher after Wall Street rose sharply on better-than-expected housing and consumer confidence data.

Engineering firm UGL's first half profit has slumped by 53 per cent due to $25 million in costs from a restructure.

US stocks have closed decisively higher following strong reports on consumer confidence and the housing market.

 A sharp jump in global miner Rio Tinto's debt has led to a downgrade in its credit outlook by ratings agency Standard & Poor's.

 The Australian dollar has closed relatively flat as investors hold out to see how European markets react to Italy's election results.

The Australian Greens and the federal coalition both want Labor's mining tax subjected to another Senate inquiry, but for entirely different reasons.

Travel agency Jetset Travelworld will continue to cut costs while it considers ways to boost business.

The Australian share market has closed lower but pared back earlier heavy falls.There were losses among the miners and big banks as investors took profits after recent gains.

Qantas has rejected former prime minister Malcolm Fraser's claim it interfered in the case of two Australian businessmen languishing in detention in Dubai.

QBE Insurance will cut hundreds of staff as it streamlines its global operations, but insists there will be no mass redundancies.

Developer Cedar Woods Properties expects a record profit this year after the Western Australian housing market underpinned a big jump in first half earnings.

Former Premier Ray O'Connor, who was jailed for six months in the mid 1990's as part of the WA Inc scandal, has died.

The Reserve Bank of Australia says it has scope to cut interest rates, if needed, to offset the effect of the high Australian dollar.

Residents in parts of Port Hedland in Western Australia are being urged to leave their homes now, as Severe Tropical Cyclone Rusty intensifies as it approaches the coast.

Atlas Iron is confident enough about iron ore demand to press on with production growth this year despite low prices contributing to a heavy full year loss.

Virgin Australia's first half profit has slumped by 56 per cent but it expects to improve its underlying performance despite challenging economic conditions.

The Australian sharemarket has opened almost 1.5 per cent weaker as former Italian prime minister Silvio Berlusconi's strong electoral showing sparked fears of eurozone instability.

Seven Group Holdings has flagged a rise of up to 20 per cent in full year profit despite being cautious about current trading conditions.

The Australian dollar has closed lower in response to disappointing Chinese manufacturing data.