AAP

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".

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.