AAP

Woolworths will close about 30 underperforming Big W stores and two distribution centres over the next three years after increasing numbers of shoppers took their business online.

Australian shares have rallied as consumer staples advance a day before the federal government releases the details of its budget.

Oil prices rose about one per cent on Friday, posting their biggest quarterly rise in a decade, as US sanctions against Iran and Venezuela as well as OPEC-led supply cuts overshadowed concerns over a slowing global economy.

Gold gained on Friday en route to its second quarterly rise as the US dollar eased on tepid US economic data, while palladium snapped three straight sessions of sharp losses, ending the quarter on a positive note.

Federal Labor will introduce its changes to negative gearing and capital gains tax by January 1 next year if the party wins the May election.

Australian shares have moved higher after a strong performance by the tech and healthcare sectors.

Oil futures were near flat overnight after recovering from the day's worst losses that came when US President Donald Trump called for OPEC to boost crude output in an effort to lower prices that were headed for their best quarterly gains in a decade.

Palladium slumped more than seven per cent overnight, adding to the previous session's sharp slide, on concerns an economic slowdown could dent demand and as a weak technical picture pushed investors to book profits after a record run.

Australian shares have bounced back with an afternoon rally that lifted every sector.

Congested roads around Perth will benefit from $1.6 billion worth of road and rail projects across Western Australia, as Scott Morrison tries to woo voters in the west.

Australian shares have moved marginally lower, with miners and utilities the only sectors of the market able to eke out gains.

Oil prices slumped overnight after government data showed US crude inventories grew more than expected last week as a Texas chemical spill hampered exports.

Palladium prices plummeted about 7 per cent overnight - the biggest daily percentage drop in more than two years - as investors worried that prices had risen too far too fast and breaks below technical levels triggered automatic selling.

Australian shares have rebounded from a broad slump to close slightly higher for a second day in a row.

ANZ Banking Group chief executive Shayne Elliott says structural issues and internal processes should cop the brunt of the blame for misconduct across the banking sector, and not a few people with bad intentions.

A Western Power contractor has been found largely liable for destruction wrought by a 2014 bushfire in the Perth Hills region that was sparked by a fallen power pole.

Australian shares have dipped as almost all sectors of the market opened in negative territory.

Oil rose nearly two per cent overnight as attention centred on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining US inventories.

Gold retreated overnight from more than three-week highs in the previous session after the US dollar rebounded and risk appetite and bond yields recovered as fears eased about a possible US recession.

Australian shares have closed slightly higher, lifted by utilities and the mining sector even as energy shares and Wesfarmers weighed down the index.

Possibly flammable cladding at four Perth hospitals must be replaced but there is no risk to public safety, the state government says.

Australia's poorest workers will be guaranteed a living wage under a federal Labor government but business groups warn it will put jobs at risk.

Coles will spend up to $150 million over the next four years to double its home delivery capacity after signing a deal to use tech from UK online supermarket Ocado.

Australian shares have defied predictions of an opening rise as the energy and financial sectors dip amid lingering global growth fears.

Oil prices are mixed as concerns about a slowdown in global economic growth lingered, offset by the prospect of tighter US crude supply.

Gold prices have risen to a more than three-week high, helped by a weaker dollar and as worries over global economic growth pushed investors into safe-haven assets.

The Australian stock market has recorded its worst session in 12 weeks amid fears of a worldwide economic slowdown.

National Australia Bank has scrapped a contentious program under which people including gym instructors and hairdressers were paid commissions for loans they pitched to their customers.

Westpac is setting aside a further $260 million for customer remediation, taking its total to $659 million with fees-for-no-service refunds yet to come.

The Australian stock market is on track for its worst session in 12 weeks as the big four banks, the major miners and the energy sector continue to weigh amid a wider slump.

Gold prices are up as weak economic data from the euro zone exacerbates fears of a global slowdown, weighing on risk sentiment and putting bullion on track for its best week in nearly two months.

Oil prices have fallen about two per cent as focus shifts to a lack of progress in US-China trade talks and as grim manufacturing data from Germany and the US reignited fears of a slowdown in the global economy and oil demand.