AAP

The Australian dollar has firmed following a rebound in commodity prices overnight.

Global equity markets have swung between gains and losses, as volatile oil prices rebounded from multi-year lows while weakness in credit markets weighed on sentiment before an expected US interest rate rise.

Gold has fallen one per cent ahead of a Federal Reserve policy meeting this week, which is expected to announce the first interest rate rise in nearly a decade.

Former resources minister Ian Macfarlane, who has served in federal parliament since 1998, says he'll use the Christmas break to contemplate his future, after Queensland's Liberal National Party said today it wound not support his switch to the National Party in Canberra.

The Australian share market has fallen sharply to close below 5,000 points - an important psychological level - as mining and energy stocks took a beating on lower prices for iron ore and oil.

Woolworths is expected to reinstall a version of Qantas frequent flyer points after dumping it for a revamped rewards scheme.

The environmental impact of what could be one of Western Australia's first uranium mines outweighs its "scant" economic benefit, conservationists say.

Perth conservationist Harry Butler has been praised for his work as a community educator and a partner with industry, after passing away on Friday following a lengthy illness.

The Australian share market has again slipped below the crucial 5,000-level in early trade on Monday, with mining and energy stocks inflicting the most damage.

The Australian dollar has been weighed down by continued declines in commodity prices.

Gold prices have bounced, erasing earlier losses as the US dollar and US Treasury yields fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely US rate rise.

The Australian share market is slightly weaker as it consolidates ahead of a US interest rate decision next week.

An independent expert can't say yet which of the two takeover proposals for rail and ports operator Asciano is better.

The Australian share market has opened lower as the key mining and bank stocks lose ground and as investors exercise caution ahead of next week's US interest rate decision.

US stocks have closed higher after a three-day decline but sharply pared gains late in the session as oil dropped to near seven-year lows and the strong US dollar weighed on sentiment.

US stocks have climbed but other major world equity markets were little changed ahead of a widely expected interest rate hike by the Federal Reserve next week, and oil resumed its slide over persistent worries about weak demand and a supply glut.

Gold futures prices have edged lower and are vulnerable to further weakness as the dollar rebounded and ahead of a widely anticipated US interest rate rise next week.

The Australian dollar is holding its ground after making big gains after the release of the strongest jobs figures since the 1980s.

Billionaire Gina Rinehart has seen off the first shipment of iron ore from her $10 billion Roy Hill project, on the same day BC Iron entered a trading halt ahead of a review of its Nullagine joint venture project.

Supermarket giant Woolworths allegedly pressured more than 800 of its suppliers for make extra payments worth up to $60 million to shore up the retailer's profits, the consumer watchdog says.

The Australian share market has closed lower as big investors look to markets overseas for better value shares.

Western Australia’s unemployment rate has lifted 0.2 per cent in November to 6.6 per cent in seasonally adjusted terms and employment eased back from a record high, in contrast to strong employment growth in the rest of the country.

The Australian share market is lower despite strength in materials and energy stocks, after Wall Street fell as a brief rally in oil prices fizzled.

The prime minister wants the Perth Freight Link completed as soon as possible, despite controversy continuing to dog the project.

The Australian dollar has edged lower ahead of key jobs figures.

Gold prices have flattened, giving back earlier gains as oil prices fell and shrugging off support from the weak US dollar and shares as investors remained cautious ahead of an anticipated Federal Reserve rate rise next week.

US stocks have closed lower in a choppy session as oil resumed its decline and the S&P 500 index fell through a technical support level ahead of a Federal Reserve meeting next week that is expected to result in an interest rate hike.

A company has been fined $80,000 plus $6,000 in costs after a worker was severely burned when a tractor engine caught fire during an apprentice "challenge" in Western Australia.

Australian shares have closed lower as investors worry about global growth prospects and falling commodities prices.

Billionaire Gina Rinehart is excited about the Roy Hill project's expected first iron ore shipment this week despite the commodity trading at a fresh 10-year low.

Labor has urged the prime minister to redistribute federal government infrastructure funding, beginning with the Perth Freight Link.

Premier Colin Barnett has warned the state government's mid-year budget review would be 'horrible' as the state continues to suffer from a downturn in revenue.