AAP

The Australian dollar hit an 11-month low overnight after Greece said it would miss deficit targets this year and next year.

Wall Street suffered another slump Monday as concerns about the economy, contagion from the European debt crisis and rumours of an American Airlines bankruptcy dragged down markets.

The Australian dollar has fallen to a 10-month low as traders await an overnight vote in the US Senate on China's alleged currency manipulation and on ongoing worries about Europe.

Retailers are bracing for a lean Christmas with heavy job losses and meagre sales expected amid growing economic uncertainty.

The Australian share market closed sharply lower, shedding about $35 billion in value with less buyers in the market on a public holiday.

Low cost airline Tiger Airways will cap off a horror period, in which it was suspended from flying in Australia, by forecasting a large loss for the September quarter.

The average cost of running a state government minister's office has blown out by more than $570,000 since the Liberal Party took power three years ago, according to a report.

The federal government should take action to ease the tax burden on Australians at this week's tax forum in Canberra, shadow treasurer Joe Hockey says.

Elders has started offloading its struggling forestry business, blaming weak woodfibre demand and poor prices.

Copper miner Aditya Birla has been fined by a Queensland court for having too much water at its Mt Gordon mine in the Mt Isa region.

Just days before a summit on manufacturing jobs, new figures suggest the sector is still suffering from the impact of a high Australian dollar and weak local demand.

Australian unions want casual and contract workers to have access to rights such as holiday and overtime pay if they stay with the same employer.

Sundance Resources has accepted an improved takeover bid by China's Hanlong Mining, valuing the iron ore explorer at $1.65 billion, according to a people familiar with the deal.

US stocks dropped more than two per cent on Friday as signs of slower growth spanning China, Europe and the United States, and the ongoing Greek crisis, hung darkly over the markets.

The Australian dollar is half a US cent lower after market sentiment turned sour on the news that a further expansion of a Eurozone bailout fund is unlikely.

The Australian dollar is three-quarters of a US cent lower as parliaments of Eurozone nations gradually pass a bailout package.

Global energy giant ConocoPhillips has executed a deal to earn a majority interest in the Goldwyer shale gas project in Western Australia from Perth-based New Standard Energy.

Federal Treasurer Wayne Swan has described raising the GST rate so that other taxes might be eliminated as a "lazy solution" and economically inefficient.

A new marine park at Western Australia's Eighty Mile Beach will cover 209,000 hectares and protect migratory shorebirds and unique marine life, the state government says.

The Australian share market closed flat after a day of trading within a narrow range ahead of long weekends locally and in Asia.

Western Australia's lead fire agency is moving to mend its acrimonious relationship with other agencies with its new chief admitting ego and personality fuel its poor culture.

Japanese brewer Asahi Group Holdings has taken control of the company behind Vodka Cruiser and Woodstock Bourbon.

Western Australia's second biggest producer of gas for the domestic market, Apache Energy, will develop the Balnaves oil field offshore from Karratha for $438 million.

Kevin Rudd says he's doing the responsible thing by supporting Prime Minister Julia Gillard amid "policy challenges".

National broadband network company NBN Co is seeking further comment on a revised draft of its wholesale broadband agreement after the competition regulator expressed concerns about third party acc

Power companies have warned of blackouts if the national energy regulator goes ahead with industry rule changes.

The federal opposition says new figures showing the state of the budget cast further doubt on the government's promise to return a surplus in 2012/13.

Qantas baggage handlers and ground staff have voted to keep fighting for better pay, with strikes possibly increased to 24 hours.

Fortescue Metals Group says it has had its highest level of quarterly shipments in the three months since June.