AAP

The prime minister's proposal to allow states to raise income tax has more chance of succeeding than previous tax reforms, Colin Barnett says.

The Australian share market has opened more than one per cent lower, dragged down mostly by weakness among the big banks.

The Australian dollar has soared to new heights as the greenback loses ground for a third straight day.

Gold has edged up as the US dollar and stock markets retreated, locking in the metal's biggest quarterly gain in nearly 30 years amid reduced expectations for US interest rate rises.

Wall Street has ended the first quarter with a whimper after a seven-week rally that rescued the S&P 500 from its worst start to a year since 2009.

A weaker US dollar has driven a rally in mining and banking stocks and pushed the share market to its best session in four weeks.

The Australian share market has opened strongly, with gains across the board, led by mining giants Rio Tinto and BHP Billiton.

US stocks have ploughed further into positive territory for 2016, helped for a second session by comments from Federal Reserve chair Janet Yellen that eased anxiety about potential interest rate hikes.

Gold has fallen more than one per cent as a rally in higher-risk assets such as equities prompts investors to cash in gains sparked by the Federal Reserve chair's cautious tone on rate rises.

The Australian dollar has popped above 77 US cents as a dovish posture from the US central bank continues to rattle the greenback.

ANZ Banking Group will refund about $5 million to around 25,000 customers, including pensioners, after botching their account fees.

The share market has retreated from promising early gains to close only marginally higher as investors continued to sell stocks in some of the big banks.

Virgin Australia's ownership is under the spotlight after the airline's biggest shareholder, Air New Zealand, flagged a full or partial sale of its 26 per cent stake.

Threats of the first double dissolution election in almost 30 years are rattling consumers, a report has found.

The Australian share market has turned lower, weighed down by the major banks.After initially opening slightly higher, the market did an about turn.

Cautious remarks from the US Federal Reserve have helped the Australian dollar break above US76 cents.

Gold has jumped nearly 2 per cent after comments from US Federal Reserve chair Janet Yellen indicated the central bank's cautiousness in raising interest rates.

The S&P 500 has closed at its highest in 2016 after Federal Reserve chair Janet Yellen called for caution on raising interest rates - music to Wall Street's ears.

Woolworths will dump its 33-year-old Homebrand label after spending months narrowing the price gap with discount retailer Aldi.

The Australian share market has closed more than one per cent lower, led by steep falls among the major banks.

Medibank Private has hired Craig Drummond, an experienced banker who helped transform National Australia Bank, to run Australia's biggest private health provider.

The Australian share market has turned lower, weighed down by the major banks.After initially opening slightly higher, the market did an about turn.

The Australian dollar has been boosted by greenback weakness following a mixed batch of US data.

Gold has edged up, as the US dollar retreated after weaker-than-expected US data, but has stayed close to a one-month low with investors focused on speeches by Federal Reserve officials that could give more clues on potential interest rate increases.

Wall Street was mixed as weaker-than-expected US economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares.

The Australian share market has closed around 1 per cent lower as investors consider the timing of the next rise in US interest rates and reposition their portfolios ahead of the Easter break.

China's largest private gas company, ENN Group, is set to become Santos's biggest shareholder after agreeing to buy an 11.7 per cent stake in the Australian energy giant.

The Australian share market is lower, taking its cue from a decline on Wall Street amid cautious trade and falling oil and commodities prices.

Wall Street has closed lower as oil and materials share prices dropped as investors stayed cautious after deadly bombing attacks in Belgium.

Spot gold has fallen about two per cent, one of its deepest declines of the past year, as the US dollar strengthened following hawkish comments by Federal Reserve officials on the path of US interest rates.

The Australian dollar has plummeted as commodities slide.

Premier Colin Barnett clings to hope the Woodside Petroleum-led Browse liquefied natural gas joint venture will be revived, but says he's not surprised it has been shelved.