AAP

Home building approvals have fallen to an eight-year low in June, as the housing sector struggles to recover from the coronavirus pandemic.

Oil prices rose overnight after a steep drop in US crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

Gold prices gained in volatile trade overnight, nearing the last session's record peak at one point, after the US Federal Reserve vowed to keep interest rates near zero as the rapid rise in coronavirus cases dampens hopes for an economic recovery.

The Morrison government is considering providing paid pandemic leave to workers in a bid to curb deadly coronavirus outbreaks.

The Australian share market has closed lower as investors wait for a crucial meeting of the US Federal Reserve.

Rio Tinto's first-half profit fell four per cent, as coronavirus-driven disruptions spurred a drop in copper shipments and overshadowed the impact of higher iron ore prices.

Prime Minister Scott Morrison says it's likely the Western Australian government will lose Clive Palmer's court challenge to the state's tough border stance.

Industrial services provider Downer has been awarded $324 million in contracts with the likes of BHP, Santos and Wesfarmers across the electricity, oil, gas and industrial sectors.

Oil prices fell overnight as US lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide.

Gold gained overnight as US Federal Reserve policymakers began a meeting that is expected to provide more monetary stimulus to support the coronavirus-hit American economy, though bullion pulled back from an all-time high reached earlier.

Thousands of university staff jobs could have been saved if the government had not cut the sector out of JobKeeper wage subsidies.

The Australian share market has given up its early gains to close lower, despite gold prices surging to a fresh all-time high.

Premier Mark McGowan has doubled down on his government's all-or-nothing hard border arrangements.

Refund point operators and processors taking part in Western Australia's container deposit scheme will receive more than $830,000 to help with financial hardship caused by COVID-19.

Oil prices rose overnight on hopes that stimulus efforts will help revitalise the US economy, but the gains were capped by rising coronavirus cases and tensions between Washington and Beijing.

Gold stormed to a record high overnight as investors sought refuge from the possible hit to a pandemic-stricken global economy from an escalation in the US-China spat, which pummelled the US dollar.

The Australian share market has edged higher as investors await direction from Wall Street ahead of a busy week of economic data.

Fund manager Perpetual Limited has agreed to buy a 75 per cent stake in US-based investment management business Barrow, Hanley, Mewhinney & Strauss LLC for $US319 million.

Oil prices rose on Friday, lifted by some supportive economic data, but tensions between the United States and China limited gains.

Safe-haven gold pierced the $US1,900 per ounce ceiling on Friday for the first time since 2011 as a worsening US-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.

The ASX has dropped, continuing its see-saw action, following a slide on Wall Street as US deaths topped 1,100 for a third straight day.

Oil prices fell 2 per cent overnight as investors worried the US Congress may not agree on a stimulus package and as jobless numbers rose, while analysts prepared to cut energy demand forecasts as the number of coronavirus cases surges higher.

Gold prices jumped more than 1 per cent, just shy of the $US1,900 level overnight, boosted by an easing US dollar and hopes for more stimulus to revive virus-hit economies, while a rise in US jobless claims raised concerns of a slower economic recovery.

Coca-Cola Amatil said it would write down the value of its Indonesian assets by $160 million to $190 million as a result of the COVID-19 pandemic.

The ASX has closed higher after Treasurer Josh Frydenberg delivered a budget update that showed a deficit that was not as high as the market had feared.

Adelaide-based Santos has reported an 18 per cent drop in second-quarter revenue due to lower realised prices for its oil and gas.

Australia will suffer a $184.5 billion deficit as the coronavirus drives a wrecking ball through the economy.

Oil prices fell overnight as US government data showed a surprise rise in US crude inventories, and as tensions escalated between the United States and China.

Gold surged to a nine-year peak overnight as an escalation in US-China tensions stoked demand for safety, while silver followed bullion's rally to hit a near seven-year high on hopes for a recovery in industrial demand.

The federal government will not appeal a landmark ruling on the 2011 live cattle export ban.

Retail sales in Australia rose a solid 2.4 per cent in June, as people flocked to reopened cafes and restaurants and spent more on clothing in the first full month of trade since the lockdowns ended.

The Australian share market has fallen across most sectors as investors apparently looked to book profits after recent gains, while the dollar has hit a 15-month high.