The Australian share market closed at its highest level for the year with investors betting on US policymakers to back a deal to avert $US600 billion in federal tax hikes and spending cuts.
The Australian market has opened higher amid signs US politicians are willing to compromise to avoid the world's largest economy falling off the fiscal cliff.
Jolimont-based computer and audio visual rental company Hire Intelligence has applied to be delisted from the ASX, citing a lack of liquidity, a small amount of trades and high listing costs as rea
The Australian market finished on a 16-month closing high as progress with the US fiscal cliff negotiations led to across the board gains for local stocks.
The Reserve Bank of Australia cut the cash rate in December to support underperforming sectors of the economy, including housing construction and retail, ahead of the expected peak in the mining in
US stocks rose on Monday amid Wall Street hopes of a political compromise that would prevent the economy from going over the "fiscal cliff" in two weeks.
A meeting of federal, state and territory treasurers wound up quickly and without any major agreements on the main agenda items of the GST and inefficient state taxes.
ANZ's economists are predicting the cash rate will be cut to two per cent by the end of 2013 and suggest it may be a good idea for the government to step back from its budget surplus plans.
The Australian dollar is slightly lower on concerns about the US fiscal cliff.At 1700 AEDT, the local unit was trading at 105.44 US cents, down from 105.52 cents at yesterday's close.
Australian stocks have finished the day at their highest levels for the year after a flat session influenced by good news out of China and bad news out of the US.
The property industry has urged the state government to not follow the lead of eastern states governments and continue offering the first home owners' grant universally in Western Australia.
US stocks closed lower Thursday under a cloud of fiscal cliff concerns that overshadowed a batch of somewhat positive economic data on jobs, retail sales and inflation.
The Australian dollar has risen after the US central bank announced it would extend its bond buying program, in order to ease lending rates and stimulate spending.
Australian stocks have closed flat after a directionless day's trade, with gains among the big miners offset by weakness in the consumer staples sector.
The Reserve Bank's interest rate should be cut in the new year to boost ailing consumer and business confidence, Westpac chief executive Gail Kelly says.
Lower interest rates have yet to give a noticeable boost to a manufacturing sector that remains plagued by a high Australian dollar, a new survey suggests.
