AAP

The Australian share market has suffered its biggest loss since December 10, with every sector deep in the red after signs that China is striking back against the US in their escalating trade war.

Mining project approval delays will be the target of a one-year Productivity Commission review looking at how to streamline regulation across Australia's resources sector.

The competition watchdog says it will not block Wesfarmers' $230 million acquisition of Catch.com.au operator Catch Group.

Oil prices gained about 3.0 per cent on Friday a day after recording their biggest daily drop in several years on US President Donald Trump's vow to impose more tariffs on Chinese imports.

Gold steadied on Friday in seesaw trade as the US dollar retreated on lacklustre US jobs data, putting bullion on course to notch its best week in six weeks following a surge of more than 2.0 per cent in the previous session as US-China trade relations soured further.

US President Donald Trump has sent markets around the world into turmoil with tweets threatening to raise tariffs on China - although Australia's share market emerged less scathed than others, helped by a surge in gold stocks.

Australian bond yields suffered their biggest one day fall in more than three years, hitting fresh all-time lows as investors flocked to them on US President Donald Trump's threat to impose higher tariffs on China.

The live export industry is angry the ban on shipping sheep to the Middle East during the northern summer has been extended by one month, with the Nationals WA saying the sector was left "bereft of confidence".

Oil prices plummeted more than seven per cent overnight, with the US benchmark posting its worst day in more than four years after President Donald Trump said he would impose additional tariffs Chinese imports starting on September 1.

Gold rose nearly two per cent overnight after US President Donald Trump said he would impose additional tariffs on Chinese imports, renewing trade tensions between the two countries and dragging the US dollar down from two-year highs, sending bond yields lower.

The Aussie dollar has sunk to its lowest level against its US counterpart in a decade, and the Australian sharemarket has also finished lower, after the US Federal Reserve said its interest rate cut is unlikely to be the first of many.

Rio Tinto has reported its biggest first-half profit since 2014 and declared a bumper dividend, as red-hot iron ore prices helped offset the impact of disruptions caused by a cyclone in late March.

Oil prices rose for a fifth day overnight following a larger-than-expected drop in US inventories and after the Federal Reserve cut US interest rates for the first time in more than a decade.

Gold prices fell overnight after the US Federal Reserve cut interest rates for the first time since 2008, as markets priced in the move and a lack of dovish outlook failed to cheer investors.

The Australian share market has pulled back from its record highs despite gains for the energy sector.

June quarter Inflation has narrowly beaten expectations with a rise to 0.6 per cent, which likely postpones a third consecutive rate cut next month but is not enough to ward off a further reduction by the end of the year.

Australia's battered and bruised financial services industry is gearing up for expansion into overseas markets.

The Australian share market has opened lower amid early losses in the heavyweight mining and financial sectors.

Oil prices rose about two per cent overnight to a two-week high on optimism the US Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world's biggest oil user.

Gold prices steadied overnight ahead of the conclusion of the Federal Reserve's two-day policy meeting as investors awaited more information on the outlook for interest rate cuts by the US central bank.

The Australian share market has hit its highest levels ever, eclipsing a mark set just before the global financial crisis more than 11 years ago.

Two workers have been injured in a possible machinery malfunction at BP Australia’s Kwinana Refinery.

Teachers in Western Australia are being asked to endorse a new wage claim amid growing work demands.

The Australian share market's benchmark index has hit an all-time high after the S&P/ASX200 broke through a record set more than 11 years ago.

Oil prices rose overnight as the prospect of an expected interest rate cut by the US Federal Reserve overshadowed pessimism over US-China trade talks and worries about slower global economic growth.

Gold prices firmed overnight on expectations of a rate cut by the Federal Reserve this week while investors awaited cues on the future trajectory of monetary easing by the US central bank.

The Australian share market has posted solid gains, with the benchmark S&P/ASX200 index ending the day less than three points from its best closing price ever.

Rare earth miner Lynas Corporation says it is stockpiling two rare earth metals and limiting sales to its strategic partners because of price volatility amid the US-China trade war and a slowing global economy.

The Australian Taxation Office (ATO) is planning to visit around 700 small businesses in Broome, Cable Beach, Derby and Kununurra, Western Australia in August as part of the agency’s work to tackle the black economy and protect honest businesses from those doing the wrong thing.

Oil prices inched up on Friday, ending the week higher after stronger-than-expected US economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply.

Gold prices rose on Friday after slipping to more than one-week lows in the previous session as soft US inflation numbers offset better-than-expected second-quarter economic growth that kept bets alive for an imminent interest rate cut.

The Australian share market has finished broadly lower, despite gains for the mining and energy sectors.