AAP

Mining giant Rio Tinto plans to continue its cautious approach as it expects the tough operating environment to remain in the foreseeable future.

The estate of the late mining billionaire Michael Wright has been ordered to slash its submission appealing the $25 million awarded to his youngest daughter, with a judge saying it needs some serious editing.

National Australia Bank shares jumped more than 4 per cent after the lender lifted first-half earnings 6.5 per cent to $3.31 billion.

The Australian share market has opened flat.

Global equity markets have fallen for a second straight day on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth.

Gold has dropped one per cent, falling further from a 15-month high on pressure from the strong US dollar, which retreated from recent lows against the yen and euro as US trade and factory order data eased some worries.

Investors are selling off the Australian dollar in the belief that the Reserve Bank has entered an easing cycle.

The Australian share market has closed more than 1 per cent lower as weaker prices for iron ore and oil pulled back resources and energy stocks.

Queensland MP Clive Palmer has announced that he won't recontest his lower house seat of Fairfax at the looming federal election, while Dio Wang has been confirmed to again hold the number one spot on Palmer United Party's Western Australian Senate ticket.

Energy giant Santos will hand at least 40 per cent of its underlying net profit back to shareholders as dividends despite a tough year due to falling oil prices.

BHP Billiton is facing a near 20-fold increase in compensation Brazilian authorities want for last year's deadly Samarco mine disaster.

The Australian stock exchange is lower with falling bank shares dragging the market down.

US stocks have fallen after weak economic data in China and Europe reignited worries about global growth, while oil prices dropped for a second day, dragging down energy shares.

The Australian dollar has sunk to its lowest level in seven weeks on the back of the Reserve Bank's interest rate cut and another fall in oil prices.

The federal budget has vastly boosted the government's firepower against multinational tax avoidance as it looks to ramp up revenues to fund tax cut promises.

The federal government has moved to end 'gaming' of wine industry assistance with cuts to rebates and tightening of eligibility for the Wine Equalisation Tax (WET) rebate.

Western Australia's Liberal Premier Colin Barnett has welcomed the budget's tax reductions for small to medium sized businesses as a highlight that was particularly important for the state.

The Australian share market has jumped nearly 2 per cent to a new high for 2016, boosted by investors looking for bargains among the big banks, and a cut to interest rates.

The Chinese-led consortium seeking to acquire the Kidman cattle empire will try again after Treasurer Scott Morrison blocked its first attempt.

The Reserve Bank of Australia has cut the cash rate to a record low to help battle faltering inflation.

ANZ Banking Group has cut its dividend for the first time since the GFC after its first-half profit slumped by nearly a quarter.

Woolworths' hefty investment in lowering grocery prices has failed to show any sign business is turning around, with the retailer's food and liquor sales declining 0.9 per cent in the third quarter after adjusting for Easter.

The Australian share market has opened lower.

Gold has risen to a fresh 15-month peak above $US1,300 an ounce in holiday-thinned trade as an early retreat in the US dollar drove prices higher, though it later eased as the US currency pared losses.

The Australian dollar is higher on the back of greenback weakness ahead of the Reserve Bank of Australia's interest rate decision.

US stocks have risen, rebounding from losses last week, as financials gained with Berkshire Hathaway and weakness in the US dollar eased worries about earnings for multinationals.

The major banks have dragged the Australian share market lower after Westpac's half-yearly results missed expectations.

Slater & Gordon shares have doubled in value after the struggling law firm's lenders gave it a two-year respite from its debt repayments.

Calls are mounting for a Reserve Bank of Australia interest rate cut tomorrow despite new figures pointing to a very favourable business environment for Australian firms.

The Australian share market has opened lower.

Gold and silver prices have rallied to their highest since January 2015 as the Bank of Japan's decision the previous day to hold off expanding monetary stimulus weighed heavily on the US dollar, and European and US stocks fell.

The Australian dollar is lower with investors cautious about interest rates.