The Australian stock market is forecast to open lower, after major indices on Wall Street shed more than 1 per cent and the benchmark crude oil contract plunged below $US77 a barrel on the US Federal Reserve's dull outlook for the American economy.

On the Sydney Futures Exchange, the September share price index contract slumped 49 points at 4,349 points, with 3,708 contracts traded at 650am AEST.

In economics news, a business survey for the June quarter is due from National Australia Bank today.

The Australian Office of Financial Management offers on auction $500 million Treasury notes of the October 22, 2010, line.

In companies news, June quarter output reports are scheduled to be released from Santos Ltd, Newcrest Mining Ltd and Beach Energy Ltd. Petsec Ltd, meanwhile, issues June quarter and first half results.

A liquidator's scrutiny of global investment and advisory firm Babcock & Brown carries on in the Sydney Federal Court.

Macquarie Group deputy managing director Richard Sheppard is to address a business lunch in Sydney, whereas AXA Asia Pacific

Holdings Ltd group chief executive Andrew Penn is to give a talk in Melbourne.

Diversified Financial Service firm Whitefield Ltd holds its annual general meeting today.

Yesterday, the bourse closed higher, bolstered by the mining sector, following strong output data from BHP Billiton.

The benchmark S&P/ASX200 index finished 9.1 points higher, or 0.21 per cent, at 4,412.7 points, while the broader All Ordinaries index climbed 10 points, or 0.23 per cent, to 4,428.7 points.