AAP

The opportunity to worry, gloat, and maybe soon even take bets on house prices is about to get a big boost with the launch of a daily home value index.

Woolworths says its net profit has fallen more than 16 per cent, due to the restructure of its Dick Smith chain, and it expects trading conditions to remain subdued for the rest of the year.

Australian stocks market opened nearly one per cent lower this morning following Wall Street's lead where US markets tumbled following the Federal Reserve chairman's address to Congress.

Economists expect the reserve bank will keep the cash rate steady at its next meeting, citing comments suggesting its benign view of domestic and global conditions.

The Australian dollar has fallen after rising to its highest levels in nearly three weeks.

The Nasdaq composite index briefly touched 3,000 on Wednesday for the first time since the collapse in dot-com stocks more than a decade ago.

Hannans Reward has launched a $25.6 million all-scrip takeover bid for fellow junior minerals explorer Scandinavian Resources.

Qantas Airways has reported rising passenger numbers as it continues to rebound after the grounding of its entire fleet because of an industrial dispute in November.

The Australian dollar pushed to its highest level in almost three weeks, rising above 108 US cents, following data showing the retail sector having recovered from its pre-Christmas blues.

Iron ore pellet producer Grange Resources has booked a record full year profit after strong prices outweighed lower sales.

The Australian share market closed higher, boosted by encouraging economic data from Japan and South Korea and slightly stronger retail sales data in Australia.

Shares in consumer goods retailer Harvey Norman fell more than six per cent after the company reported worse than expected sales in an uncertain retail environment.

A fall in house sales in Victoria dragged national new home sales down in January, a survey shows.

Shares in QBE Insurance Group have risen after the insurance giant raised $450 million from institutional investors and sought to raise another $150 million from retail investors.

The construction sector has reported a decline in the amount of work completed, which economists say will subtract substantially from next week's economic growth figures.

Australia's biggest companies are again being told that their explanation of what their executives are being paid and why isn't up to scratch.

Andrew Forrest's legal team has begun its appeal of a Federal Court ruling that the Fortescue Metals chairman and his iron ore company misled financial markets eight years ago.

Treasurer Wayne Swan has described the opposition's varying positions over the new parliamentary budget office (PBO) as an "economic circus".

The Australian dollar has risen above 108 US cents on strong domestic retail data.At 1200 AEDT, the Australian dollar was trading at 107.95 US cents, up from 107.83 cents yesterday.

Retail spending is continuing to maintain a low growth rate as optimism about the global economy improves, economists say.

Commonwealth Bank's ATM and EFTPOS services have been restored after crashing across the country.

The federal government has promised to take strong action if an investigation into slaughter practices at Indonesian abattoirs reveals breaches of its new regime to protect Australian cattle.

Australian stocks opened firmer this morning after a solid overnight session on Wall Street.

The Dow Jones industrial average on Tuesday finally reclaimed the ground it held before the carnage of the Great Recession - bailouts bank failures layoffs by the million and a stock market panic t

The Australian dollar rose to its highest level in two weeks on improved optimism about the euro zone government debt crisis.

The major federal political parties have dismissed the Australian Greens' proposal to pursue a sovereign wealth fund, while providing themselves the opportunity to attack each other.

Retiring QBE Group boss Frank O'Halloran will return to the insurer as a board member next February, a year after posting a 45 per cent plunge in annual net profit.

Southern Cross Austereo says there has been no lasting financial impact from the Kyle Sandilands controversy.

The Australian share market closed flat after a directionless trading session in the absence of firm leads from offshore markets.

James Hardie shares have fallen after a strong rise in underlying profit still failed to meet market expectations.

Virgin Australia says its domestic ticket prices will rise by as much as $6 per flight due to the federal government's carbon pricing scheme.

The mining sector has given Martin Ferguson its backing as the prime minister considers the ministerial future of the resources minister and other key backers of Kevin Rudd.