AAP

Australian shares have hit the skids over concerns about a global growth slowdown, with nearly every sector on the local bourse in the red.

A recommendation by Western Australia's environmental watchdog that new emissions-intensive projects should be carbon neutral has swiftly been rejected by the state government.

The prime minister is preparing to unveil a $96 million package designed to ease traffic congestion on Perth's roads.

Australian shares have moved lower amid concerns about a global growth slowdown, with nearly every sector on the local bourse in the red.

Gold edged lower overnight, holding near a multi-week low as the US dollar gained against the euro after the European Central Bank postponed an interest rate hike, but the bank's gloomy economic outlook limited the metal's fall.

Oil prices edged higher overnight, supported by OPEC-led supply cuts and US sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.

Wall Street's main indices fell for a fourth consecutive session, after Europe's central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.

Australian shares hit a six-month high despite falls from major miners trading ex-dividend and disappointing retail sales figures.

Western Australia shouldn't expect much cash in next month's federal budget because it has plenty of Commonwealth commitments already including GST top-ups, Prime Minister Scott Morrison has indicated.

Australia's trade surplus increased to $4.5 billion in January, the second largest surplus on record, as the value of gold exports exceeded expectations.

NAB shares have opened strongly with investors apparently welcoming the lender's appointment of Philip Chronican as chairman.

Australian shares are trading higher with broad-based gains despite falls from major miners trading ex-dividend and disappointing retail sales figures.

Crude oil futures sank overnight after US government data showed an unexpectedly sharp build in crude inventories, but a third weekly draw down in petrol stocks kept losses at bay.

Gold steadied overnight just above a five-week low touched a day earlier as the US dollar retreated slightly and stocks edged lower, with investors awaiting further signals on the health of the global economy.

Wall Street's main indexes fell for a third session, with the S&P 500 posting its biggest one-day decline in a month, as healthcare and energy shares slumped and investors sought reasons to buy after the market's strong rally to start the year.

Australian shares have shot up as investors bet that weaker than expected economic figures means that the Royal Bank of Australia will likely cut interest rates this year.

The Reserve Bank of Australia's stance on rates may be getting a little less neutral after Australian economic growth fell well short of the central bank's own downgraded forecast.

Myer shares are soaring after the department store chain cut its debt by a third and posted a $38.4 million first-half profit.

Australian shares have moved higher as investors digested lower-than-expected GDP numbers that indicated restrained consumer spending in the last three months of 2018.

Oil prices were little changed overnight as the market wavered on expectations for an imminent trade deal between the United States and China while awaiting US government crude stocks data.

Gold prices slipped overnight to their lowest in more than five weeks as the US dollar rose on stronger than expected economic data and rising US Treasury yields.

Wall Street's main indices have dipped in a choppy session as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's strong run.

Australian shares rebounded from some of their lows in the morning but have still closed lower for the first time in a week.

The Reserve Bank has kept the official cash rate at a record low of 1.5 per cent despite noting Australian economic growth probably slowed in the second half of 2018.

The former chief of staff to ex-NAB boss Andrew Thorburn has been arrested over a $40 million fraud against the bank.

Australia's current account deficit has narrowed 33 per cent to $7.2 billion in the three months to December as higher commodity prices boosted the value of exports.

Coles is offloading management of its 87 pubs, including four in Western Australia, in a $200 million deal with private equity controlled Australian Venue Co.

Australian shares have moved lower, erasing all of the market's gains of the previous day.

Oil prices rose slightly overnight as the United States and China appeared closer to reaching a formal agreement to end a trade war that has slowed global economic growth while Russia said it would speed up its crude production cuts.

Gold dipped overnight to its lowest in more than five weeks as the US dollar and equities prices rose on optimism about a possible trade deal between the United States and China, while platinum shed 3 per cent as investors took profits from a recent rally.

The Australian share market has finished higher for a third day, hitting its highest level in five months.

Two more government frontbenchers are expected to resign over the weekend, leaving Scott Morrison's ministry team even further depleted just weeks out from an election.