THE Australian dollar closed weaker today for the first time in a week - after reaching a 25-year high above $US0.9800 overnight - as the central bank chief hinted that interest rates may have peaked.

THE share market shrugged off renewed US financial jitters to close solidly as retailer Woolworths reported good sales and bargain hunters snapped up the big banks and other beaten-down stocks.

RBA governor Glenn Stevens is confident high interest rates are slowing spending and will curb inflation.

FIND out how much your expenses will rise in the first year of the Government's coming pollution tax.

AFTER falling 2 per cent yesterday, the share market is expected to open even lower this morning on the back of falls in the US.

THE Australian economy is expected to record below trend growth for the rest of the year and into 2009, a survey shows.

GROCERY giant Woolworths expects its annual net profit to jump between 21pc and 25pc on the back of strong sales growth.

CBA boss Ralph Norris says there is still a risk banks will make more "out of sequence" hikes to mortgage interest rates

THE Australian dollar was higher at noon, maintaining its lofty perch above $US0.9800 on continued US dollar weakness.

RIO Tinto, the focus of a $US153 billion ($156.43bn) takeover by BHP Billiton, has delivered record output for iron ore and aluminium in its second quarter.