AAP

Prime Minister Tony Abbott is planning to fundamentally change the way federal and state governments interact, including a shake-up of the Council of Australian Government meetings, according to WA Premier Colin Barnett.

The economic green shoots that boosted Iluka Resources' hopes of a recovering mineral sands market earlier this year have shrivelled, with the miner recording weaker quarterly revenue.

Tourists to Western Australia spent more than $7 billion there last year, despite the continuing economic struggle in Europe reducing the number of visitors from the UK.

The possible privatisation of Higher Education Contribution Scheme debt could see Australia become like the United States, where degrees are unaffordable for many, the National Union of Students says.

Australia's economy has suffered a significant loss of momentum since the start of the year as its transition away from being a mining investment gets bumpy.

Australian stocks started the local session lower as the deadline for the US to raise its debt ceiling or face the possibility of default draws closer.

Federal Treasurer Joe Hockey intends to release the mid-year budget review before Christmas and not in January as previously flagged.

Australian bond futures prices are higher as traders move into safe-haven assets due to the slow progress in negotiations to raise the US government's borrowing limit.

The Australian dollar has backed away from its four-month high as optimism about a resolution to the US budget crisis wanes.

US stock markets have closed deep in the red as politicians in Washington remained deadlocked over a deal to reopen the government and avoid default on its debts.

Oil prices have fallen as US lawmakers remained deadlocked over a budget and debt ceiling deal and as negotiations began on Iran's nuclear program in Geneva.

Premier Colin Barnett has changed his media relations strategy, shying away from regular talk radio slots and turning to live chats on news websites.

The Australian share market closed one per cent higher amid signs that politicians in the United States may soon reach a deal over the US budget and debt ceiling.

Global miner Rio Tinto is confident of hitting its 2013 iron ore production target of 265 million tonnes, after achieving further growth in the September quarter.

Prime Minister Tony Abbott has promised electricity and gas bills will fall immediately if the carbon tax is abolished.

A class action against failed fuel pill company Firepower has been ordered to enter mediation, says litigation funder IMF Australia.

Another interest rate cut by the Reserve Bank of Australia is still a possibility, but it is not ready to make that move immediately.

Toyota Australia is to cut jobs and must slash the cost of building cars in Australia in an effort to keep its local operations viable.

Divisions within the government over foreign ownership of farmland appear to be deepening, with Labor accusing the coalition of speaking with "two heads" about Chinese investment.

The Australian share market has opened higher after markets in the United States lifted amid encouraging signs that a deal was within reach on the US budget and debt ceiling.

Telstra has defended chief executive David Thodey's $8.8 million pay packet after a shareholder questioned whether the telco's performance justified such a salary.

US stocks reversed losses and finished higher amid encouraging signs from the White House and Congress that a deal is in reach on the budget and debt ceiling.

The Australian dollar has jumped to a one-month high on hopes of a resolution to the US political stand-off over the debt ceiling.

Investor nervousness has weighed on the local market as the deadline approaches to resolve the US political deadlock over the debt ceiling.

Rio Tinto has sold a rare Argyle diamond for a record $2 million as overseas buyers snapped up dozens of precious stones in this year's Pink Diamonds Tender.

At least 200 jobs will be cut at Perth's Sir Charles Gairdner Hospital but the Western Australian government says patient care will not be affected.

The Australian share market has opened lower, as the US political impasse over the debt ceiling goes down to the wire.

From Saturday, 12th of October:

Gold futures have slumped to a three-month low as the belief that US political leaders would reach a compromise to raise the country's borrowing limit reduced demand for a rainy-day asset.

The Australian dollar is half a US cent lower following disappointing Chinese data and continuing uncertainty over the US political stalemate.

The Australian share market has posted its largest one day gain in more than three months due to signs the US will avoid a debt default by raising its debt ceiling.

The corporate watchdog has rejected criticism that it has been slow to investigate allegations of foreign bribery by big Australian companies.