AAP

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.

The price of unleaded fuel is expected to fall by up to three cents a litre in the final two weeks of 2012.

ANZ's economists are predicting the cash rate will be cut to two per cent by the end of 2013 and suggest it may be a good idea for the government to step back from its budget surplus plans.

Shares in surfwear retailer Billabong have soared on reports a former director has made a $527 million offer for the struggling company.

A six-day strike has begun at Fremantle Port after weekend talks between the union and state-owned operator failed to break an impasse over long-term job security.

A slowing economy and weak demand for loans will present financial challenges for Australian banks in 2013.

The Australian market opened slightly lower despite US "fiscal cliff" negotiations appearing to take a positive step over the weekend.

Tourism Australia has signed a three-year marketing agreement with Etihad Airways worth $6 million as the peak body moves to fill the gap created by the loss of funding from Qantas.

State treasurers have labelled a meeting with their federal counterpart Wayne Swan a lost opportunity for a full discussion on the GST.

Optimism among mid-sized Australian businesses has hit record highs in the lead-up to Christmas, a quarterly survey has found.

US stocks slid lower Friday amid worries about Washington's budget impasse, with a sharp drop in Apple weighing on the Nasdaq.

State parliament has been prorogued, bringing an end to parliamentary business almost three months ahead of the state election.

Treasurer Wayne Swan and his state and territory counterparts will discuss "refinements" to the distribution of GST proceeds and a revamp of mining taxes when they gather next week.

The Australian dollar is slightly lower on concerns about the US fiscal cliff.At 1700 AEDT, the local unit was trading at 105.44 US cents, down from 105.52 cents at yesterday's close.

Perth's fleet of compressed natural gas buses will be kept on the road while an inquiry is undertaken into why one of them was destroyed by a dramatic fire on Friday morning.

Macmahon Holdings' shares have dropped by more than a fifth after resuming trade following an $80.7 million capital raising announcement and the sale of its construction business.

Australian stocks have finished the day at their highest levels for the year after a flat session influenced by good news out of China and bad news out of the US.

Australia has been described as the "Iron Man" of the major industrialised nations, after producing 21 years of uninterrupted economic growth and building conditions that should help insulate it fr

Caltex Australia has pleased the market by forecasting a return to full-year profit in 2012 but a slowdown in its marketing business has raised concerns.

A planned eight-day strike at the busy Port of Fremantle will be called off if assurances about job security are provided to workers, the Maritime Union of Australia says.

A potential worsening crisis in Europe is the biggest challenge facing Australia, but it's not as vulnerable as many other countries, a global agency says.

Australia captain Michael Clarke won the toss and chose to bat first on Friday in the first Test against Sri Lanka at Bellerive Oval.

Prime Minister Julia Gillard has dismissed a call from one of her senior MPs to give up on Labor's commitment to a budget surplus.

Australian stocks have opened firmer, as local market players looked past a weak lead from Wall Street.

Australand has rejected an offer from fellow property company GPT Group for its commercial and industrial and investment property portfolio.