The business sector hopes a royal commission into union corruption will lead to changes in workplace relations and practices and help lift productivity.
US stocks have slumped for a third day in a row with investors worrying about whether high-flying technology stocks are overvalued and cautiously anticipating earnings season.
US stocks had a mixed week with the broader market rising on better economic data, but technology stocks faltering on concerns about a downturn in the bubble-prone sector.
The Australian dollar is recovering after weak economic data and suggestions that interest rates would remain low for some time weighed the currency down.
Former 40under40 winner Andrew Thorburn is set to take the reins at National Australia Bank, following the retirement of long-serving chief executive Cameron Clyne.
The Australian dollar has traded within a tight range overnight as investors await key economic data and a speech by Reserve Bank governor Glenn Stevens.
Perth-based financial services group Pioneer Credit is looking to raise more than $40 million with the sale of just over half the company through an IPO which will provide capital for the group to expand its debt purchasing.
Westpac will donate $100 million to set up Australia's largest private scholarship program, giving university students the opportunity to study in Asia.
Legal firm Maurice Blackburn says it is looking at launching a class action against QBE following the insurance giant's share price collapse in late 2013.
The S&P 500 has closed at a new record as US stocks rallied following solid economic data and Federal Reserve reassurance of support for the recovering economy.
The share market has closed lower despite pulling back most of its early losses after official data showed a slight improvement in China's manufacturing activity.
The Reserve Bank of Australia has kept the cash rate on hold, saying the current level of 2.5 per cent will help to stimulate growth while keeping inflation under control.
US stocks have surged on the back of a rebound in technology stocks, helped by Janet Yellen's assurance the Federal Reserve will continue to support the economy.
