AAP

Australia's service sector activity was nearly flat last month implying jobs growth will remain weak for the near term.

Mining giant Rio Tinto will hold back all outstanding performance-related pay of previous chief executive Sam Walsh for at least two years, until investigations into a payments scandal in West Africa are more advanced.

The latest poll ahead of the Western Australian election shows Labor could receive a hefty nine per cent swing, but that might not be enough to form government.

The Australian share market continues to come under pressure, dragged down by resource, energy and financial stocks following losses on Wall Street.

The Australian market looks set to open lower following Wall Street, which retraced from record highs amid renewed expectations of a US interest rate rise.

Gold prices were on track for their weakest session since December on Thursday (US time), buoyed by a firm dollar and rising US rate hike expectations in March following buoyant US economic data and hawkish comments from Federal Reserve governors.

US stocks retreated on Thursday, led by financial stocks, while Caterpillar shares dropped following news that federal officials searched its Illinois facilities.

The share market has had its best session in more than three months following rallies on markets in the US and Europe as investors feel more positive about the global economic environment.

A Labor government would aim to cut red tape so more micro-festivals could be held across Western Australia, according to party leader Mark McGowan, but the Liberals say changes to deregulate the liquor industry are already under way.

The entire City of Perth council may be sacked over the lord mayor's travel scandal if Labor wins the state election and the Local Government Act allows it, opposition leader Mark McGowan says.

The Australian share market has got off to a strong start after five sessions of decline, with investors taking cues from the rallying US and European markets overnight.

The Dow has blasted through the 21,000 mark for the first time after US President Donald Trump's measured tone in his first speech to Congress lifted optimism and investors viewed a looming interest rate hike as a glass half full.

The Australian dollar is higher against its US counterpart after news that Australia's economy expanded 1.1 per cent in in the last quarter of 2016, among the strongest quarterly performances in the past five years

Oil prices have pared gains and turned negative after data showing that crude inventories in the United States had risen to a record high.

Gold has given back most of its losses as the US dollar has pared gains and bullion shrugs off earlier pressure from US Federal Reserve officials' comments that raised expectations of an interest rate rise in March.

A bigger-than-expected rebound in economic growth has not stopped profit-takers from pulling the share market lower for a fifth straight session.

Premier Colin Barnett has demanded Labor submit its election promises to Treasury for costing, saying that should be the modern standard for oppositions.

CIMIC Group's takeover bid for mining services provider Macmahon Holdings has become more complicated after Macmahon signed a heads of agreement that could give Indonesian miner Amman Mineral Nusa Tenggara a 44 per cent stake in the company.

Woodside Petroleum's boss received lower pay in 2016 despite the energy giant posting a surge in profitability, after the company restructured executive pay following a shareholder vote.

The Australian share market continues to lose ground as investors steer clear of risk ahead of US president Donald Trump's long awaited first speech to Congress.

The Australian dollar is slightly lower against its US counterpart with markets in wait-and-see mode ahead of US president Donald Trump's keenly awaited address to Congress and local economic growth data.

Oil prices have slipped but have continued to trade in a tight range, as concerns about rising US crude inventories ahead of data overshadowed OPEC production cuts.

The price of gold has turned downward as the US dollar comes off its lows and financial markets await US President Donald Trump's speech to Congress regarding his policies on tax reforms and government spending.

Shares in WorleyParsons have soared after the engineering group confirmed it had rejected a takeover bid from a Dubai-based professional services group, which has since emerged as a large shareholder.

A late plunge on the share market has sent it to a fourth straight day of falls.

Stronger commodity prices and government spending in the final months of 2016 are expected to have helped the economy bounce back from the preceding quarter's contraction.

Premier Colin Barnett says the final stage of the contentious Perth Freight Link will involve expanding Stirling Bridge and not digging a tunnel under the Swan River, although the federal government doesn't expect that to be necessary until at least the mid-2020s.

Soaring energy prices, driven by growing gas exports are putting jobs at risk and "politics-driven energy policies" are making the situation worse, Australia's peak business lobby group has warned.

Australia's current account deficit was $3.85 billion in the December quarter down from a deficit of $10.2 billion the previous quarter, seasonally adjusted figures from the Australian Bureau of Statistics said.

Livestock agribusiness Wellard has slashed its first-half loss and expects to post a profit in the 2017-18 financial year.

The Australian share market is clinging on to the green in early trade after three days of decline, as investors take cues from overnight gains on Wall Street.

Iron ore miner Fortescue Metals Group has denied media reports stating it had lodged a $1 billion-plus offer for Wesfarmers' Curragh coal mine in Queensland.