AAP

The Australian dollar has fallen slightly against its US counterpart after soaring above 80 US cents only minutes after the Reserve Bank of Australia left the official cash rate unchanged at 1.5 per cent.

Oil dropped about two per cent from a two-month high as major world oil producers kept pumping out supply, causing investors to worry that several weeks of steady gains had pushed the rally too far, too fast.

Gold prices rose to a seven-week high, after US economic data showed lukewarm inflation and nearly flat consumer spending, raising the question of whether the Federal Reserve will raise interest rates in the coming months.

The share market has gained ground as better than expected Chinese factory data and stronger commodity prices fuelled a rally in mining and energy stocks.

Treasurer Ben Wyatt has emerged disappointed from a meeting with federal counterpart Scott Morrison after failing to secure measures to prevent a shortfall of almost $2 billion in the state budget.

The share market is slightly higher amid investor caution ahead of the Reserve Bank of Australia's monthly interest rate decision.

The Australian dollar has crept higher against its US counterpart, hitting 80 US cents, as the US dollar slides around, most other major currencies tread water but commodity currencies slip.

Oil prices have risen to two-month highs, ending the strongest month of the year for crude futures, boosted in part by expectations of US sanctions against Venezuela's oil sector and as supply concerns have waned in recent weeks.

Gold has hit its highest in almost seven weeks, boosted by a struggling dollar and US economic data that cast doubt on whether the Federal Reserve will raise rates again this year.

The Australian share market has closed higher, led by mining and energy stocks, as investors took confidence from offshore markets ahead of the start of the local reporting season.

Prime Minister Malcolm Turnbull says he has taken on "the cause" of getting Western Australia a fairer deal on GST amid new claims the state will lose another $1.9 billion of the national carve-up.

Biotech company Sirtex Medical is facing two class actions over allegations it engaged in misleading and deceptive conduct in relation to missed sales forecasts for 2016-17, which sparked a share price plunge.

Origin Energy has lifted full-year oil and gas production by 40 per cent to 323 petajoules, helped by the ramp-up of operations at its Australia Pacific liquefied natural gas project and better-than-expected output from its conventional oil and gas business.

The Australian share market has bounced back from its previous session's losses, starting the week comfortably higher on the back of strength in the mining and energy sectors.

Malcolm Turnbull is promising to more than double the amount of funding for indigenous students in Western Australia over the next decade as he drums up support in the west.

The Australian dollar is steady against the greenback which has slipped on uninspiring US growth and continued political uncertainty.

Gold prices have risen to a six-week high after weaker-than-expected US inflation dampened expectations that the US Federal Reserve will aggressively raise interest rates and North Korea fired a ballistic missile, triggering safe-haven buying.

Oil has ended its strongest week this year with a surge built on receding fears of oversupply, as US crude came within striking distance of $US50 a barrel for the first time since the end of May.

The Australian share market has closed sharply lower amid a broad sell-off, including heavy losses from the big four banks.

West Coast veteran Matt Priddis insists it was his decision to retire, saying he wasn't pushed by the AFL club.

Brickworks has sold its Austral Bricks factory in Malaga for $19.2 million, a facility it formally put up for sale in April after it was shut down last year due to declining demand for residential building products in Western Australia.

The Australian share market has slid in early trade, with investors turning cautious after a mixed lead from Wall Street and ahead of the start of the corporate earnings reporting season.

The Australian dollar is sharply lower against its US counterpart which has rebounded following solid US durable goods figures.

Oil prices have risen to an eight-week high, as a rally in US petrol futures spurred further gains this week that came after key OPEC members pledged to reduce exports and the US government reported a sharp decline in crude inventories.

Gold has fallen from a six-week high, pressured by the US dollar's bounce on solid US economic data and as traders digested the Federal Reserve's Wednesday statement that showed it was closer to paring its balance sheet.

The Australian dollar has soared passed 80 US cents for the first time in over two years as diminished expectations for rate hikes in the US dented the greenback. The share market also rose as stronger iron ore and copper prices boosted mining stocks.

Macquarie Group expects its 2018 financial year profit result to be broadly in line with its previous year record profit of $2.2 billion.

Fortescue Metals Group expects to trim its costs further this year and is targeting steady iron ore shipments in the 2018 financial year after posting a solid fourth quarter performance.

The Australian dollar has strongly rebounded against the greenback, hitting 80.06 US cents, on the back of a collapse in the US dollar, while the local share market has opened higher.

The Australian dollar has strongly rebounded against its US counterpart but the local share market looks set for a flat open.

Oil prices have risen to near eight-week highs, with Brent crude futures above $US50 a barrel, as a much steeper than expected decline in US inventories encouraged hopes the global crude glut would recede.

Gold has jumped 1 per cent to a six-week high on Wednesday, after the US Federal Reserve said it would start to wind down its massive holdings of bonds "relatively soon," pushing the dollar lower.