Time growing desperately short, US Senate leaders took command of efforts to avert a Treasury default and end the partial government shutdown after a last big attempt by House Republicans abruptly collapsed.

Brinkmanship in the US threatens the business and consumer confidence on which its economic recovery depends, says AMP chief economist Bevan Graham.

In a speech to the Property Council this morning the Reserve Bank's deputy governor has gone on a charm offensive over its LVR restrictions.

Westpac has confirmed it is withdrawing mortgage pre-approvals for some customers following the introduction of the Reserve Bank's new lending restrictions.

The number of first home buyers in the market since the introduction of new Reserve Bank mortgage restrictions last month has plummeted, real estate agents are reporting.

In a history-making selection, US President Barack Obama nominated Janet Yellen to be chairman of the Federal Reserve.

New Zealand property values rose at an 8.4 per cent annual pace last month ahead of the introduction of low-equity home lending restrictions,

US President Barack Obama says he's willing to negotiate with Republicans on their priorities, but not under the threat of "economic chaos.''

More than 30pc of New Zealand businesses have reported optimism in the latest Quarterly Survey of Business Opinion - the highers level since March 2010.

On Oct 17 the US faces its first-ever default on its $16.7 trillion debt - something that could plunge the nation - and the world - into a crisis worse than 2008.

A two-week US govt shutdown could cut 0.25 percentage points off fourth-quarter economic expansion, says one top Federal Reserve official.