AAP

US stocks tumbled on Wednesday as President Barack Obama challenged Republicans to accept tax increases for the wealthy in a deal to avert the year-end fiscal cliff.

Premier Colin Barnett has defended comments by federal opposition leader Tony Abbott in which he described Liberal MP Ken Wyatt as an "urban Aboriginal".

The Greens say BHP Billiton must be made to prepare a new environmental impact statement (EIS) after indicating new technologies may be used to expand the Olympic Dam Mine in South Australia.

The Australian dollar is almost half a US cent higher on improved consumer sentiment and weakness in the greenback.

The Australian market ended a four-day run of losses to close higher, driven by large financial sector stocks.

Wesfarmers chief executive Richard Goyder says the company is performing in line with its profit guidance so far this financial year and its retail businesses are continuing to grow.

A transport union which says Coles risks lives by pressuring truck drivers to meet tight deadlines is staging protests aimed at the supermarket giant's shareholders as well as customers.

Qantas will be vindicated within three years for its massive jobs cuts, withdrawal from loss-making routes and deferred aircraft orders, the flying kangaroo's new partner Emirates says.

Australia will have to seriously consider nuclear power as an option if there is no breakthrough on baseload clean energy, Energy Minister Martin Ferguson says.

The world's largest diversified resources company BHP Billiton has become less diverse after exiting the diamond mining business.

A slightly weaker-than-expected reading for wage prices in Australia gives few clues on whether the reserve bank will cut its interest rate soon.

The Australian market was flat in early trade in the absence of any clear offshore leads.

Retailers could be in for a better Christmas period following a jump in consumer confidence amid signs that lower interest rates are finally making their mark.

Small businesses remain pessimistic about trading conditions, with concerns about the Chinese and European economies and the high Australian dollar hurting confidence.

US stocks closed lower on Tuesday as worries about Greece's debt crisis and the US "fiscal cliff" took the shine off strong quarterly results from home-improvement giant Home Depot.

New rules for reporting mineral and hydrocarbon resources and reserves will improve consistency and transparency in the Australian share market, federal Resources Minister Martin Ferguson says.

Two women who suffered life-threatening burns during the disastrous 2011 ultramarathon race will receive $450,000 each in an act of grace payment from the West Australian government.

 Property prices are showing signs of life but there will be no repeat of a 1990s-style housing boom, a senior Reserve Bank of Australia (RBA) analyst says.

The Australian share market has closed sharply lower after its biggest one-day fall in four months.

Assistant Treasurer David Bradbury has defended the federal government's decision to set up a business tax working group, even though it failed in its mission.

 Mining giant BHP Billiton says it is confident cost increases for existing and new projects are being brought under control.

Shares in fertiliser and explosives maker Incitec Pivot have gained more than five per cent after it lifted its annual profit by 10 per cent and increased dividends.

Australian shares opened slightly lower following lacklustre trading on European markets and Wall Street.

The employment outlook may not be as bleak as some forward indicators suggest, with a new report predicting 137,000 jobs will be added to the economy by August next year, led by demand in the minin

US stocks closed flat on Monday as persistent fears about the looming "fiscal cliff" of spending cuts and tax hikes at year-end cast a cloud over encouraging China trade data.

Australian shares have closed lower, dragged down by weakness in the mining and energy sectors.

The federal government has appointed Chris Jordan as commissioner of taxation for a seven-year term starting in January 2013.

Shares in global insurer QBE have fallen sharply after the company downgraded its earnings expectations in the wake of superstorm Sandy in the United States.

The Australian Greens have put forward a plan to phase out live animal exports, as federal Labor prepares for a showdown on the controversial trade at its next caucus meeting.

A rise in monthly home loan data shows Australians are beginning to take advantage of interest rate cuts.

The corporate watchdog has launched a campaign to reunite Australians with $677 million in unclaimed money.