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Liberal backbenchers aren't rushing to back a disgruntled colleague's call to dump Tony Abbott as leader next week, even after former Victorian premier Jeff Kennett described Mr Abbott's leadership as terminal.
The Australian dollar has recovered much of its losses suffered after plunging to near six-year lows following the Reserve Bank's decision to cut rates.
Oil prices have surged higher for a third straight day, hitting late-2014 peaks on hopes of rebounding global energy demand and production cuts that could curb the supply glut.
Two of Australia's largest property groups, Novion and Federation Centres, which together own 16 shopping centres in WA, say they will merge to create an $11 billion company.
Big business is likely to still be charged a levy from July 1 even though the Abbott government's more generous paid parental leave scheme has been shelved.
Gold futures have closed slightly lower after a volatile session that saw investors weigh higher oil prices against signs of weakness in the US economic recovery.
JB Hi-Fi announced a small slide in its first-half profit and forecast a flat full-year result, while outdoor clothing retailer Kathmandu lost a quarter of its market value after a warning of a first half loss led to a sharp drop in its share price.
The Australian share market has closed higher for an eighth session in a row as a lift in the price of oil boosted the energy sector, and investors speculated on a cut in the official interest rate on Tuesday.
New Westpac boss Brian Hartzer has stamped his authority in his first day as chief executive, in a shake-up that puts the potential Achilles heel of technology front and centre.