AAP

One of the problems with labour productivity is that a fair proportion of the population just doesn't seem to understand what it is.

The Australian dollar continued its move higher after a rally in the yen helped push the US dollar lower.

Australian shares have closed flat, with the benchmark index holding above 5,000 points for a third day.

The Reserve Bank of Australia says the mining investment boom will peak sooner and at a lower level than previously expected.

Australian-based miner Perseus is looking forward to improved earnings and production results after its first half profit more than doubled to $32.5 million.

Australia's peak industry lobby group says more than one third of businesses plan to cut jobs in 2013.

Economists from two of Australia's largest banks say several more interest rate cuts are needed to support the economy in 2013 as the boom in mining investment peaks. 

Australia's crop farmers are gearing up for a better than average harvest despite a summer of scorching heat, bushfires and widespread flooding.

Opposition Leader Tony Abbott has laid out the coalition's broad economic strategy, saying his government would inject an "instantaneous adrenalin charge" into the economy through scrapping taxes a

Australia's population is set to hit 23 million by early May.

ANZ's first quarter net profit dropped by nearly a fifth to $1.36 billion.

Shadow assistant treasurer Mathias Cormann says the prime minister and treasurer agreed to the mining tax without understanding its finer detail.

Losses among the major banks and miners have dragged the Australian share market lower, but it continues to push above 5,000 points.

The head of Australia's competition watchdog says it was hard to get grocery suppliers to come forward to give evidence about alleged improper practices by Coles and Woolworths.

Federal Treasurer Wayne Swan is urging the Group of 20 major economies to close tax loopholes that allow profitable multinational companies to exploit differences in taxation regimes to avoid tax.

US stocks have traded flat despite the excitement from two giant M&A deals, the merger of American Airlines and US Airways, and Berkshire Hathaway and 3G's takeover of ketchup maker Heinz.

The Australian dollar marked time during the afternoon session after traders earlier pushed it to a fresh one-week high in response to brighter consumer confidence data.

Global miner Rio Tinto says it will concentrate on operating low-cost mines and selling non-performing assets after posting a full year net loss of almost billion for 2012.

The Australian share market has remained above the 5,000-point mark, boosted by encouraging company earnings reports.

Nickel miner Mirabela expects to write down the value of its Brazilian Santa Rita assets by at least million ( million).

Cash Converters' half year profits have soared nearly 40 per cent, thanks to a boost in revenue from its personal loans business.

The supermarket price wars seem far from over, with Wesfarmers chief Richard Goyder looking to increase Coles' sales and cut costs further after reporting a higher first-half profit today.

More than 200 firefighters are battling an out of control bushfire in the South West, where homes have been destroyed and more than three thousand hectares have been burnt.

Federal Opposition Leader Tony Abbott says banks shouldn't be penalised for their enormous profits by paying more tax.

Australia's number two telco, Optus, has posted a 9.2 per cent fall in third quarter net profit amid flat mobile subscriber growth.

Chinese government-owned CITIC has taken a 13 per cent stake in Alumina for $452 million, sending shares in the smelter investor to their highest level in almost a year.

Australian shares have opened flat, as investors remain cautious a day after the market closed at its highest level since 2008.

David Jones second quarter sales, which includes the vital Christmas period, have fallen 1.4 per cent with its home category the worst performer.

Property group Mirvac is not ruling out a play for rival Australand despite announcing a 69 per cent fall in profits.

Engineering firm Downer EDI's first half profit has grown by 11 per cent and the company has maintained its expectation of improved underlying profit for the full year.

Treasurer Wayne Swan says speculation the government may put up income tax is "ridiculous and absurd".