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A senate report into the national interest test used by Australia’s Foreign Investment Review Board calls for tougher screening of overseas bids.

PetroChina and Shell increase their offer for Australian coal-seam gas company Arrow Energy to $3.1 billion and sweeten the assets they are leaving behind to secure the backing of the Arrow board.

Centrex will receive a capital boost of up to $245 million, while Wuhan Iron will get a 60% stake in the Australian company's iron deposits on the Eyre Peninsula.

Yanzhou Coal values Brisbane-based coal miner Felix Resources at $2.98 billion and secures the backing of the Felix board and controlling shareholders.

The Australian government defers its decision on Chinalco's investment in Rio Tinto for 90 days, while a large investor in Rio questions the deal struck with China.

The Chinese firm agrees to acquire 16.5% of Fortescue Metals Group in the third deal by a Chinese company in Australia this month.