AAP

Beach Energy has swung to a first-half net profit on the back of record sales volumes and higher oil prices.

Engineering and project management firm WorleyParsons says the slump in activity among its customers, which caused revenue to plunge by 35 per cent and pushed the company to a first-half loss, may have bottomed out.

Prime Minister Malcolm Turnbull's promise to put a floor on what the states receive as a share of the revenue they raise from GST still stands, although it is still a few years away before it can be implemented.

The Australian share market has opened slightly lower as Wesfarmers goes ex-dividend and logistics firm Brambles unveils a weaker-than-expected half-year profit.

The Australian dollar is lower against its US counterpart, slipping back below the 77 US cent mark.

Oil prices have ended steady on the day but lower on the week, with US crude notching its first weekly decline in five weeks, as the market weighed rising US drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut.

Gold prices have eased but have notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets.

Australian shares fell as losses across healthcare, resource and energy companies offset gains in some banking and real estate stocks amid another batch of company earnings results.

ANZ Banking Group chief executive Shayne Elliott is optimistic about prospects for the rest of the financial year after the lender lifted its first-quarter cash profit 31 per cent to $2 billion.

Oil and gas producer Santos has halved its full-year loss and cut net debt as it continues to restructure and cut costs.

Virgin Australia's financial performance has been whacked by leisure and corporate travellers tightening their belts.

Medibank Private has lifted half-year profit 1.9 per cent to $231.9 million as higher investment income offset lower returns from its core health insurance business.

The Australian share market has opened flat, as strength in the industrials and IT sectors bolsters local shares against falls on Wall Street overnight.

The Australian dollar is lower, dropping back below the 77 US cent mark, despite the US dollar weakening against a basket of currencies.

Gold has risen as the US dollar has weakened following a 10-day winning streak and investors take the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe.

A big drop in Telstra shares following a disappointing half-year profit result has weighed upon a relatively flat Australian share market in another busy day of company earnings reports.

Telstra's mobile and fixed broadband operations have been hit by fierce price competition and lower regulated call charges , leading to a worse-than-expected first-half financial performance and a

Western Australia's unemployment rate fell 0.1 percentage points in January to be 6.5 per cent in seasonally adjusted terms, although the state now has the worst unemployment rate in the nation.

Diversified miner South32 has posted a sharp jump in half-year underlying earnings, thanks to ongoing cost reductions and stronger coal and manganese prices.

Wall Street pushed further into record-high territory, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes.

The Australian dollar is higher against its US counterpart and the yen and euro, performing strongly following positive earnings reports.

US crude prices have slipped in choppy trade, even as record high US crude and petrol inventories fed concerns about a glut.

Gold has risen as the dollar comes off its highs, shrugging off earlier pressure from stronger-than-forecast US inflation and retail sales that added to expectations for near-term US interest rate rises.

Strong investor demand for financial stocks, thanks to Commonwealth Bank's record first-half profit, has pushed the share market to its highest level since mid-2015.

The WA Liberals have pledged to raise the payroll tax threshold by $50,000 from next year, and have promised not to raise taxes or bring in new ones if re-elected, in contrast with Labor and despite the state's record debt and deficit.

Commonwealth Bank of Australia is lifting some of its mortgage rates as it tries to rein in stubbornly high investor lending growth and keep on the right side of the regulator.

Origin Energy has flagged a hit to profitability a day ahead of its half-year earnings, announcing it will take a $1.9 billion impairment charge against the value of some of its major assets, including the Australia Pacific LNG project and its Browse Basin gas fields.

Mike Fitzpatrick has resigned after a 10-year stint as AFL chairman and will be replaced by fellow commissioner Richard Goyder.

Seven West Media appears to have put a value of $16.9 million on The Sunday Times newspaper and Perth Now website, as the publisher and broadcaster posted a sharp drop in first-half net profit and dividends, and sought to direct attention away from its ongoing battle with CEO Tim Worner's former lover.

Wesfarmers is considering a spin-out of its profitable Officeworks business, which contributed to strong earnings growth for the Perth-based conglomerate in the first half alongside Bunnings and Kmart.

The Australia share market has risen sharply, with gains broad based on the back of solid first-half corporate earnings reports.

US stocks were little changed, with the "Trump rally" pausing ahead of a testimony by Federal Reserve Chair Janet Yellen that will be scrutinised for clues on the timing of the next interest rate hike.