AAP

New worries over a eurozone meltdown have sent US stocks plummeting more than three per cent.

The Australian dollar closed higher as the looming resignation of Italy's prime minister added to investor sentiment and gave the currency a boost.

Leprechauns are "lovable little fellows" and no-one should be offended if they are called one, the Western Australian premier says.

One of Australia's largest accounting firms is standing by its analysis of Labor's mining tax after Treasurer Wayne Swan rebuked it for distorting the public debate.

Fortescue Metals Group says the iron ore price has bottomed out for the moment and demand from Chinese steel mills remains high.

Myer is closing stores and reducing floor space as it strives to generate as much as 10 per cent of its sales revenue online.

Australian shares gained more than one per cent as markets focused on Italy and stronger commodity prices prompted local investors to buy mining stocks.

People acting as "lobbyists for hire" will be targeted by proposed legislation in Western Australia.

The coalition has switched tactics on the carbon tax, accusing the Australian Greens of seeking a second wave of climate action, including an end to coal-fired power.

Consumer sentiment has risen strongly in November, suggesting that last week's interest rate cut has had the desired effect, Westpac says.

International Monetary Fund chief Christine Lagarde has warned the world is at risk of plunging into "uncertainty and financial instability" and has urged Asian economies to be on their guard.

The federal government's leading employment index rose for a third consecutive month in November after revisions to the series.

Insolvencies spiked in Australia in the September quarter as creditors got tough on debt recovery, fresh data from the corporate watchdog shows.

An Aboriginal corporation has been denied the opportunity to speak at Fortescue Metals Group's annual general meeting.

Andrew Forrest-chaired Poseidon Nickel has asked the state government to allow the explorer to re-start mining at the Mount Windarra project in Western Australia.

Monthly trade figures usually prompt talk of coal, iron ore and the like, but this focus on minerals is a distraction from another important element of the trade data.

In what is being touted as a major tourism boost, the first flight direct from China landed in Perth at 6am this morning (WST).

Australians are returning to home-buying on expectations that interest rates won't be going up anytime soon, economists say.

Optus has released the cost of its internet plans to be delivered over the national broadband network.

Seven Group says the current uncertainty in global markets may prompt the media and earthmoving equipment company to consider further impairment charges on its investments.

Prime Minister Julia Gillard has defended the $23-a-tonne starting price for carbon emissions, after the price in Europe's carbon market fell to between $10 and $13 in recent months.

Australian shares gained more than one per cent with local investors encouraged by Wall Street's overnight rise on news Italian Prime Minister Silvio Berlusconi would resign.

The Australian dollar has lifted on news of Italian Prime Minister Silvio Berlusconi's decision to resign.

US stock markets scored robust gains Tuesday after the embattled Italian prime minister, Silvio Berlusconi, said he would resign after austerity measures are approved.

Silvio Berlusconi says he will stand down as Italian prime minister once key reforms aimed at calming market turmoil are adopted this month, after his coalition lost its majority in parliament.

The Australian dollar fell half a US cent amid concerns that Italy risked defaulting on its sovereign debt.

The leaders of Australia's energy and electricity companies have welcomed the new carbon pricing scheme, saying it might reduce rather than increase their costs.

The Australian share market closed firmer after a positive US lead but trading volumes were low as investors sat on the sidelines as anxiety over eurozone debt continued.

Westfield Group says its shopping centre business is performing well despite a mixed sales performance in the three months to September.

Economic activity softened in contrast with increased confidence in October, a private survey has shown.