OIL giant ExxonMobil has lowered the prospects for development of a Victorian coal-seam gas industry.

The collapse of one of the nation's oldest engineering companies, RCR Tomlinson, has destroyed Christmas for thousands of families, according to the union dealing with the fallout from the unexpected job losses.

The local share market is closed for Australia Day, while rising COVID-19 cases and delays in supplying vaccines have offset Wall Street's optimism about a potential $US1.9 trillion ($2.46 trillion) stimulus package that the Biden administration is trying to pass.

INVESTORS who ploughed funds into international shares are set for another year of double-digit returns.

AUSTRALIAN consumers are the gloomiest they have been in three years, survey data released this morning shows.