Wayne Cole

Australia's centre-left government said on Thursday it planned new rules that would charge big tech firms millions of dollars if they did not pay Australian media companies for news hosted on their platforms.

A measure of Australian business activity slid to its lowest since the pandemic in November as confidence took a turn for the worse amid tough trading conditions in the manufacturing and retail sectors.

Australia's central bank is getting closer to joining its peers in cutting interest rates, having sat tight for over a year now, but much will depend on the data to decide whether it can move as early as February.

A look at the day ahead in European and global markets from Wayne Cole

Australia's central bank is finally getting a major shake-up of its policy-making process that adds extra uncertainty to when it might deliver interest rate relief to hard-pressed borrowers.

The dollar surrendered a little of its recent gains on Monday as investors assumed the pick for U.S. Treasury secretary would reassure the bond market and pulled yields lower, shaving some of the dollar's rate advantage.

SYDNEY, Nov 19 (Reuters) - Australia's central bank said on Tuesday that there was no immediate need to change interest rates, having left them steady for a year now, but it was important to be ready to act as the economic outlook evolves.

Australian consumer sentiment rose sharply in November for a second straight month, reaching a 2-1/2-year high with the mood on the economy and finances finally turning optimistic, a survey showed on Tuesday.

Australian business confidence rebounded to its highest in almost two years in October as sales proved resilient and pressure on input costs eased, a survey showed on Tuesday.

Australia's central bank held interest rates steady on Tuesday, as expected, and cautioned policy would need to stay restrictive for some time yet, strongly suggesting borrowers could expect no Christmas cheer this year.