AAP

Employment is growing on the back of an expansion in the mining and construction sectors, Prime Minister Julia Gillard says.

The Australian dollar is more than one US cent higher as hopes grow that European countries will support their banks to prevent the eurozone debt crisis spreading.

US stocks surged for a second day on Wednesday on signs that Europe was preparing a plan to contain the Greek crisis and protect the region's banks from the effects of a Greek debt default.

Australia's tax system is riddled with loopholes that encouraged a culture of tax avoidance amongst the affluent, a tax forum has heard.

West Australian Premier Colin Barnett has been heckled by protesters in Broome over the proposed $30 billion gas hub at James Price Point.

The Australian share market staged a late rally to close firmly in the black after a similar surge on Wall Street and higher commodities prices overnight boosted resources and financial stocks.

The big four banks have tough decisions to make if they want to grow or even just maintain their share of the mortgage market in a subdued property environment, analysts say.

Cashed-up thermal coal miner New Hope Corporation has invited formal takeover bids after receiving several preliminary offers, with one analyst tipping Xstrata as a potential suitor.

West Australian Opposition Leader Eric Ripper says Labor can still win the next state election despite the party polling below 30 per cent.

Retail trade rose by 0.6 per cent for the second month in a row in August.

The Australian market has opened higher following a dramatic turnaround on Wall Street in the final 15 minutes of trading.

US stocks bounced back after a dramatic see-saw session Tuesday following a report that EU ministers were looking at possible plans to aid weak banks.

Employees at Mermaid Marine's Dampier Supply Base will commence industrial action over the negotiations of a new enterprise agreement later this week.

The head of discount department store chain K Mart says he is positive about the crucial six-week trading period leading into Christmas.

The Australian dollar has fallen to the lowest level in more than a year after the central bank said it was open to lowering the cash rate if inflation pressures ease.

Putting the brakes on Australia's resources sector through the tax system won't address the problems of the manufacturing sector, Treasurer Christian Porter says.

Petrol prices hit a four-month high last week and the squeeze on motorists is unlikely to ease any time soon, an economist says.

An agreement between the states to talk about harmonising state taxes and support for a independent body to simplify the tax system are the first major initiatives to come out of the federal govern

The Australian share market closed 0.6 per cent lower, with investors starting to hope that the central bank would cut interest rates for the first time in a year next month.

China's Hanlong Mining has pledged to keep investing in Australian miners after Sundance Resources capitulated to its largest shareholder's improved $1.65 billion takeover offer.

Europe has again delayed a decision on unblocking promised loans to Greece, ordering Athens to slash government spending and sell off the family silver, but ruled out any default or eurozone exit.

The central bank has decided to keep the cash rate unchanged this month and has opened the door for possible future cuts.

A strong surge in exports in August shows that coal exports have recovered, after floods over the summer shut down many mines, economists say.

Sundance Resources chairman George Jones will throw his efforts into saving the troubled Oakajee port development now that the iron ore explorer is set to be taken over by China's Hanlong.

The Australian dollar fell below the 95.00 US cent mark for the first time in just over 12 months, despite the release of stronger-than-expected local economic data.

Stronger than expected international trade and building approvals figures for August should not change the central bank's interest rate outlook, economists say.

Federal Treasurer Wayne Swan has flagged tax changes to allow businesses to use their financial losses more appropriately.

Opposition Leader Tony Abbott says he was not invited to the government's tax forum, which he's dismissed as "pointless talkfest".

Sundance Resources shares are up by nearly 10 per cent after its board unanimously supported a $1.65 billion take-over offer from China's Hanlong Mining.

Business groups have called for the federal government's tax forum to be based on the Henry review recommendations rather than start from scratch.

The Australian share market opened lower - but better than expected - as investors returned to normal trading after the public holiday.

Prime Minister Julia Gillard has opened the federal government's tax forum by paying tribute to "the great nation we live in".