AAP

Manufacturers have enjoyed improved business conditions for the first time in more than a year, helped by lower interest rates and a less hostile global environment.

Shares in Billabong have dived after the troubled surfwear retailer said one of two private equity firms interested in taking over the group had withdrawn its offer.

Brick and tile maker Brickworks has posted a 70 per cent drop in full year profit and is cautious about the pace of any recovery in the housing market.

Australian stocks have opened lower despite gains on overseas markets.

Cautious consumers are keeping their wallets firmly shut and business needs to adapt to this new-found frugality, the Commonwealth Bank of Australia says.

US stocks scored small gains on Wednesday as investors weighed encouraging housing data and falling crude oil prices that stoked hopes for more growth in the tepid economy.

The Australian dollar is slightly higher after Japan's central bank announced it would extend its stimulus program for the world's third largest economy.

South Australian Treasurer Jack Snelling has hit out at a joint proposal from the four Liberal states to change the way GST funds are carved up.

Australian shares finished at their highest levels since the start of May, driven up by news of a major Japanese economic stimulus program.

Exco Resources has accepted a sweetened takeover offer from Washington H Soul Pattinson worth about $95 million.

An energy conference in Darwin has heard conflicting accounts of whether Australia's tax system deters companies seeking to invest in Australian resources projects.

Australia's economy has adjusted well to the impact of the mining boom - which is likely to continue to for some years, the Reserve Bank of Australia says.

Department store retailer David Jones has reported a 39.9 per cent fall in full year profit.

Australian stocks have opened marginally weaker as investors had a subdued reaction to the Spanish government's plan to slash the nation's deficit.

Asia's economic boom is not just about resources, as its rapidly growing middle class will help lift demand for Australia's food, tourism and farming sectors, Treasurer Wayne Swan says.

US stocks have finished mostly lower as the aura of the Federal Reserve's new QE3 stimulus wore off and worries about company profits were heightened after FedEx cut its earnings outlook.

Apple's stock has reached $US700 ($A671) for the first time, setting a record for the company the day after it announced that orders for its iPhone 5 topped two million in the first 24 hours.

The Australian dollar is two-thirds of a US cent lower following weak performances on Asian share markets.

State government steps to help commercial fisheries gain sustainability certificates have been applauded by a supermarket giant and a conservation group.

Alesco chairman Mark Luby has signalled the door is still open for further talks with paint maker DuluxGroup over its long-running $210 million takeover bid.

Export earnings from resources and energy commodities are expected to fall this financial year as commodity prices ease, a federal government forecaster says.

BHP Billiton will freeze the salaries of its top executives as it continues to manage costs due to an uncertain global economic environment.

Australian shares finished slightly weaker, with investors consolidating recent gains generated by moves to boost growth in the US and Europe.

Workplace Relations Minister Bill Shorten is undermining the independence of Fair Work Australia by opposing cuts in penalty rates for weekend work, the coalition says.

Shadow treasurer Joe Hockey predicts federal tax revenue has fallen by between $20 billion and $25 billion since the budget due to softening commodity prices and a decline in corporate tax.

Some fire management staff at Western Australia's Department of Environment and Conservation are working more than 28 days in a row when a blaze breaks out, a union claims.

Federal Resources Minister Martin Ferguson has warned there may be more east coast mine closures as global commodity prices soften and mining royalties rise.

Deputy Prime Minister Wayne Swan says the coalition is "splintering" under Tony Abbott's leadership and Labor has "some wind at its back".

Mining companies should pay to offset the damage their developments cause to the nation's coastal environment, the federal government says.

Two Leighton subsidiaries have won new contracts worth a total of $437 million.

Homeowners may be in for an early Christmas present, with the Reserve Bank of Australia expected to deliver at least one more interest rate cut before the end of 2012.