AAP

Shares in JB Hi-Fi have soared after the retailer beat its full-year profit guidance following the collapse of rival Dick Smith.

Western Australia is unlikely to pocket a larger share of the GST pie before its voters go to the polls early in 2017 after Treasurer Scott Morrison warned any change in the distribution formula would be made gradually and was "down the track".

Newcrest Mining will pay a dividend for the first time in three and a half years despite a 12 per cent drop in full-year profit.

A new uranium mine in the eastern Goldfields region has been recommended for approval, with a number of strict conditions imposed by the Environmental Protection Authority.

Energy giant Santos will take an impairment charge of $US1.5 billion ($A2 billion) against the carrying value of its Gladstone liquefied natural gas project in Queensland.

The Australian share market has opened lower.

The Australian dollar has fallen against the US dollar, despite initially bouncing on disappointing US economic data.

Gold has turned slightly lower as the US dollar pared losses, with investors grabbing profits after the metal jumped more than one per cent following unexpectedly flat US retail sales data.

Oil has risen two per cent, clinching its biggest weekly gains since April, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.

The share market has closed only modestly higher, despite US markets hitting record levels overnight, weighed down by weakness from market heavyweights Westpac and Telstra.

Australia's Campbell sisters have both missed the medals in the Olympic 100-metre freestyle final, with Bronte finishing fourth and Cate sixth, but the nation's quad rowers took home silver.

One potential buyer of Eagle Boys Pizza is having second thoughts after receiving "superficial" financial details of the troubled pizza franchise.

Former federal Liberal MP Sophie Mirabella has found a new career after last month's second consecutive election defeat - working in mining with Gina Rinehart.

Engineering firm UGL has won a $100 million contract to help build water reclamation infrastructure on the NSW south coast.

The Australian share market has opened strongly higher.

The Australian dollar has slipped against the greenback on rising expectations that US interest rates will go up later this year, and ahead of key Chinese and US data.

Oil prices have jumped the most in a month rising more than four per cent after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016.

Gold has eased below $US1,350 an ounce as the dollar rises, and the Dow and S&P 500 touch record intraday highs, though uncertainty over the outlook for US monetary policy prevented further losses for the metal.

The big four banks have tumbled as local and global negative sentiment around the sector takes a hold to drag the Australian share market lower.

Westpac shares have dropped almost three per cent after the bank followed its rivals in reporting an increase in doubtful debts over the third quarter.

Optus will focus on its content strategy, underpinned by its English Premier League coverage, to drive earnings growth after an 11.9 per cent first quarter profit fall amid tough price competition.

JB Hi-Fi has welcomed the competition watchdog's green light to make a move for whitegoods retailer The Good Guys.

Telstra will spend an extra $3 billion on its networks and has confirmed it will return $1.5 billion to shareholders in a buyback after its annual profit jumped 36.6 per cent to $5.78 billion.

The Australian share market has opened half a per cent lower, following a negative lead from Wall Street.

Palladium and platinum have risen sharply as bets on lower prices were reversed in thin conditions after the metal broke above key chart levels.

The Australian dollar is higher against the US dollar, passing 77 US cents due to continued weakness in the greenback.

Oil prices have fallen more than two 2 per cent amid oversupply concerns.

The Australian share market has closed lower, hurt by falls in financial and resource giants, including the Commonwealth Bank, Westpac and Rio Tinto.

Outgoing Reserve Bank governor Glenn Stevens has warned that any major boost to the economy might have to come from government spending rather than interest rates.

AGL Energy expects earnings to grow in the current financial year despite unseasonably warm weather at the start of the reporting period and fierce competition for customers.

Commonwealth Bank of Australia chief executive Ian Narev has cited weak wages growth and political uncertainty as threats to Australia's economy, even as the country's biggest bank unveiled a seventh straight record profit of $9.45 billion.

Fairfax Media's new financial year has got off to a bumpy start, with its prized real estate advertising business, Domain, reporting a sharp slowdown in digital revenue growth.