AAP

Unions are calling on Labor and the coalition to enshrine penalty rates in law and make annual and sick leave portable.

Australia faces a tough period of economic adjustment as China's demand for coal and mineral exports decreases, a leading economist says.

The federal government will continue to rely on legal advice to defy opposition and Greens moves to make public how much money is being collected from Labor's mining tax.

Retailers are demanding an interest rate cut after new figures confirmed poor shopping conditions during the Christmas period.

 Finance Minister Penny Wong has backed the Reserve Bank's assessment that global risks have abated for now.

The Australian share market has opened more than half a per cent higher.

The decline in Australian wine production is tipped to continue over the next five years but the industry could eventually be more sustainable and profitable as a result.

 US stocks jumped on Tuesday, recovering much of Monday's losses and picking up momentum from solid economic indicators.

Mining giant Rio Tinto says its future iron ore operations are secure after it struck a land-use agreement with an indigenous group in the Pilbara.

Australia's Future Fund gained more than $9 billion in 2012 as improving global markets drove returns of more than 12 per cent.

Retail and housing industry groups have questioned the central bank's decision to leave the official cash rate unchanged at its first board meeting of the year.

The Australian share market pared back early losses to finish lower for the second consecutive day as weaker global markets weighed on local sentiment.

Atlas Iron says estimates for its Pilbara iron ore reserves have increased by 21 per cent to almost 500 million tonnes over the past seven months.

 The Reserve Bank of Australia has kept the cash rate at three per cent, saying that fears about global economic growth have abated.

New vehicle sales made a strong start in 2013, despite a sharp drop in purchases by state and federal governments.

Hundreds of nurses plan to walk off the job at Sir Charles Gairdner Hospital and adopt work bans on Tuesday as they press their pay claim with the state government.

Perth house prices rose 2.9 per cent in the December quarter, according to official data released today.

Australia's services sector contracted for the 12th consecutive month in January amid slowing activity in the mining sector and soft retail sales.

The Australian share market has opened weaker after markets around the world plunged overnight.

 The Reserve Bank of Australia is widely expected to keep its finger off the interest rates trigger when it meets for its first board meeting of the calendar year today.

US stocks have closed sharply lower as signs of political instability in Italy and Spain renewed worries about the the eurozone's long-running public debt crisis.

The decision not to re-release an oil and gas exploration permit near the Rowley Shoals Marine Park shows the offshore Kimberley region is proving difficult for the sector, an analyst says.

Motorists can expect further price rises at the petrol bowser over the next couple of weeks, reflecting rising world oil prices, Commonwealth Securities says.

The Australian dollar is higher, after more encouraging US economic figures helped currency markets stay in a positive mood.

The Australian share market closed weaker, with investors apparently unwilling to push the bourse to 5000 points without new good economic news.

Australian businesses have slashed their profit expectations, amid declining sales and intense price discounting.

A new report claims Western Australians dump more and recycle less than anywhere else in the country - prompting conservationists to call for a 10-cent refund on the state's bottles and cans.

Nurses at Royal Perth Hospital will stop work this afternoon after a second round of wage talks failed.The nurses will walk off the job for a union meeting at 1.30pm WST.

The federal government wants to crack down on corporate tax cheats by improving transparency and the sharing of information between key corporate regulators.

Job advertisements fell for an 11th straight month in January, a leading employment survey says.

The recovery in Australia's struggling housing sector endured a setback in December as building approvals suffered a surprise fall.

Qantas plans to broaden the number of destinations it flies to in Asia as part of its new alliance with Emirates.