AAP

Businesses may get that sales boost they've been begging Santa for after all, with a new survey showing a rise in consumer spending ahead of Christmas.

US stocks have closed lower as market sentiment soured less than two weeks before the United States risks going over the so-called fiscal cliff.

Several companies associated with Perth Glory owner and businessman Tony Sage have been raided by federal police.

The Australian dollar is slightly lower following weakness in Chinese stocks.

Rare earths miner Lynas has won its latest court battle in Malaysia and is free to keep operating after opponents lost an appeal to take away its licence.

The Australian share market closed at its highest level for the year with investors betting on US policymakers to back a deal to avert $US600 billion in federal tax hikes and spending cuts.

Australia's economic growth is likely to slow in the near future, an industry study predicts.

Premier Colin Barnett wants a legal stoush between the state's treasurer and his ex-lover resolved soon as it's proving a distraction.

 ANZ Banking Group says local and global economic conditions will remain soft in 2013, with political uncertainty adding to concerns.

Former Reserve Bank governor Bernie Fraser says the pursuit of a federal budget surplus is harming the economy.

The former head of Western Australia's anti-corruption commission believes Julia Gillard may have breached state law by providing legal advice for the incorporation of an association used

Shares in struggling surfwear retailer Billabong have dived almost 15 per cent after it downgraded its earnings guidance and said it was considering a fresh $527 million takeover bid.

The Australian market has opened higher amid signs US politicians are willing to compromise to avoid the world's largest economy falling off the fiscal cliff.

Iron ore producer BC Iron says its $190 million deal with Fortescue Metals to boost output to six million tonnes will not be affected by any sale of Fortescue's infrastructure assets.

US stocks rallied on Tuesday amid optimism that Washington was serious about reaching a deal on the "fiscal cliff".

A listeria outbreak has prompted a nation-wide recall of certain brands of soft cheeses.

The Australian dollar is virtually unchanged and trading in a very tight range as markets wait for developments in US debt talks.

The Australian market finished on a 16-month closing high as progress with the US fiscal cliff negotiations led to across the board gains for local stocks.

Incitec Pivot has given shareholders an optimistic financial outlook for its explosives and fertilisers businesses in 2013 despite a tough year in 2012.

Commonwealth Bank is taking control of John Symond's Aussie Home Loans, extending its position as the country's number one home lender.

A strike at Fremantle port has ended sooner than expected after marathon talks broke an impasse between the Maritime Union of Australia and the facility's state-owned operator.

Sheffield Resources shares jumped 13 per cent on the ASX after it announced a maiden high grade resource for its Thunderbird prospect at the Dampier heavy mineral sands project near Derby.

Takeover target Australand says it has not received an approach from property giant Mirvac about a potential merger.

The Reserve Bank of Australia cut the cash rate in December to support underperforming sectors of the economy, including housing construction and retail, ahead of the expected peak in the mining in

Australian stocks have opened higher after progress in the United States fiscal cliff negotiations led to gains on Wall Street.

Perth-based Peak Resources plans to tap the market for funding by mid-2013 amid plans to begin producing rare earths in three years.

US stocks rose on Monday amid Wall Street hopes of a political compromise that would prevent the economy from going over the "fiscal cliff" in two weeks.

A meeting of federal, state and territory treasurers wound up quickly and without any major agreements on the main agenda items of the GST and inefficient state taxes.

The Australian dollar is slightly lower against its US counterpart, despite increased expectations of economic stimulus in Japan.

Fairfax Media may be casting adrift one of its biggest cash generating units when it sells Trade Me, but it needs the money to support its ailing newspapers, analysts say.

Australian stocks have finished weaker with the gold sector leading the broader market lower during a quiet day's trade.

The downturn in China's economy since 2011 has sliced $US2.4 billion off Australia's economic growth and led to a slide in export income of $US2.6 billion, according to a United Nations report.