AAP

The Australian dollar is slightly higher against the US dollar, which fell following the release of some weaker than expected US retail spending data.

The Australian share market has closed around 0.7 per cent lower as the stoush between the Turnbull government and the big banks over a proposed $6.2 billion levy on big financial institutions weighed on investors' minds.

Ratings agency Moody's says Australia's triple-A credit rating remains intact but has expressed doubt about the federal government's timetable for reducing the budget deficit.

Premier Mark McGowan will seek to freeze the wages of all politicians, public service heads, judges, magistrates, the WA governor, and local council chief executives for the next four years, while offering a $1,000 increase to all public sector employees.

 Corrective Services Minister Fran Logan says he has put private prison operator Sodexo on notice over repeated contract breaches, and claims the Melaleuca women's jail is so poorly run that lawyers visiting inmates feel unsafe there.

Australian shares have fallen slightly at the open, with energy companies among those dragging the market lower.

The Australian dollar is higher against its US counterpart after being held in a tight range by risk aversion and falls in commodity prices.

Oil prices have risen for a second day, closing more than 1 per cent higher as support grew for OPEC output cuts a day after the US government reported a big draw in crude inventories, boosting confidence that a global glut might diminish.

Gold has risen as US and European stock markets retreated, but its gains have been curtailed after data showing a tightening jobs market and accelerating inflation briefly lifted the US dollar.

The share market ended the day steady after early gains by the big four banks evaporated in afternoon trade, and miners fall on weaker iron ore futures.

The new bank levy has opened a Pandora's box that leaves Australia's biggest financial institutions exposed to even higher costs in future, according to a leading industry analyst.

The Australian share market has risen on the back of a rebound in banking shares and stronger oil prices.

The Australian dollar is higher against its US counterpart in spite of a surge in the greenback.

Oil prices have risen more than three per cent, bolstered by the biggest one-week drop in US inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to OPEC supply cuts.

Gold has turned lower but has held above the previous day's eight-week low as US President Trump's abrupt firing of FBI chief James Comey weighed on US stocks, though gains were capped by expectations of further interest rate increases.

The Australian share market has recovered from a poor start to close higher, but most of the big banks still face some pressure after the Turnbull government's budget announcement of a $6.2 billion levy.

Perth Lord Mayor Lisa Scaffidi has accused the premier and opposition leader of political interference in a legal process after they demanded her resignation over serious breaches of local government laws.

Big banks have warned that customers and shareholders will carry the cost of the federal government's surprise $6.2 billion levy on Australia's largest financial institutions.

South32 shares have dropped as much as 5.5 per cent after the diversified miner said it expected coking coal production from its Illawarra operations to be at least 10 per cent below guidance.

The Australian share market has opened lower with the major banks leading losses after the federal budget revealed a levy on the big four banks and Macquarie.

Oil prices have fallen rattled by concern over slowing demand, a rising US dollar and increasing US crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.

The Australian dollar is slightly higher against its US counterpart after having lost almost half a per cent before the federal budget helped prompt a turnaround.

Gold has dropped to an eight-week low as safe-haven demand continues to fade in the wake of Emmanuel Macron's victory in the French election and as expectations for tighter US monetary policy lifted bond yields.

The Australian share market has closed around 0.5 per cent lower, led downwards by the big banks, as investors fear that the federal government will introduce a new tax on banks in tonight's federa

Retail spending has slowed for a second consecutive month, official figures have shown, as consumers tighten their purse strings amid low wages growth.

Commonwealth Bank shares have taken their biggest one-day hit in almost two years after third-quarter cash earnings of about $2.4 billion failed to offset investor worries over a possible new bank tax in the budget.

Casinos operator Crown Resorts has quit the major gambling destination of Macau after a series of setbacks, including last year's detention of 15 employees by Chinese authorities.

Opposition leader Mike Nahan has joined Premier Mark McGowan in calling for Perth Lord Mayor Lisa Scaffidi to resign, after the State Administrative Tribunal today found she had committed 45 serious breaches of the Local Government Act by not disclosing travel and accommodation gifts.

There has been a slight upswing in consumer confidence ahead of the federal budget, which may signal an improvement in the jobs market.

Heavy falls by the big four banks have helped pull Australia's share market lower in early trade with the Commonwealth Bank's trading update underwhelming and speculation the federal budget could impose bank another levy.

The Australian dollar is sharply lower against its US counterpart ahead of the federal budget.

Oil have risen amid volatile trading, bolstered by statements from major oil-producing countries suggesting that OPEC and non-OPEC supply cuts could be extended into 2018.