AAP

A union official sent sham invoices for thousands of dollars to a construction firm for work that was never done, the first day of a royal commission into union corruption has heard.

Tugboat workers at Port Hedland are threatening to strike for up to a week, bringing iron ore exports at Australia's largest shipping hub to a standstill.

The Australian share market made stronger than expected gains at the opening before quickly retreating to be slightly weaker.

Rail operator Aurizon is looking to abolish workplace agreements that ban it from forcing staff into redundancies, as the company moves to cut another 480 jobs from its workforce.

Gold prices have closed nearly unchanged as investors weigh Russia's mixed messages on Ukraine and brighter economic data from the US.

The Australian dollar is trading in a tight range after gaining almost one per cent last week.

The Dow has closed at a fresh record high as US stocks rallied, with investors shrugging off mixed earnings reports and uncertainty over the Russia-Ukraine crisis.

The Australian share market has closed lower, despite receiving a lift from the banks in afternoon trade.

Gross domestic product growth will stay below three per cent in the second half of this year and won't get too far above that in 2015, the latest forecasts from the RBA show.

The Australian share market has opened lower, with all sectors down.

World oil prices have fallen as traders booked profits from the previous day's rally on signs of strengthening crude demand in the United States.

US stocks have finished mixed but some selling pressure continued to dog the technology sector amid worries about overvaluations.

The Australian dollar remains well above 93.5 US cents after better than expected employment figures fuelled hopes of a sustained jobs market recovery.

The state's gold sector fears it will be tapped for hundreds of millions of dollars in additional royalty revenue banked by the Barnett government in its latest budget.

The share market held on to early gains to add three quarters of a per cent in value.

Shares in the world's largest drilling company, Boart Longyear, have hit a record low as more of the company's rigs lay idle.

A planned three-year extension to Western Australia's controversial shark culling program will be subjected to a federal environmental assessment.

Rio Tinto chairman Jan du Plessis has given shareholders a pessimistic view of global financial markets in the short to medium term at its annual general meeting in Melbourne.

Millions of motorists could soon be paying more for petrol if the federal government decides to increase the fuel excise in next week's budget.

World oil prices have surged higher after crude inventories unexpectedly fell from a record high in the United States, suggesting better demand in the world's largest crude consumer.

US stocks have finished mostly higher following more-conciliatory statements by Russia's president amid the Ukraine crisis, but weak earnings from some technology stocks pushed the Nasdaq into the red.

The Australian share market has followed the global trend and has finished lower, with mining stocks taking the biggest hit.

The retail sector appears to be suffering a hangover after strong spending over the Christmas period and is unlikely to bounce back any time soon, according to analysts.

Stamp duty concessions for first home buyers appear set to be trimmed, with Premier Colin Barnett hinting the change will be among measures introduced in tomorrow's state budget.

Premier Colin Barnett has not ruled out the possibility of disgraced former treasurer Troy Buswell returning to his cabinet, but says it will not happen in the "medium term".

The share market is lower due to falls on overseas markets and uncertainty about what will be contained in next week's Federal budget.

Australia's construction industry is in decline as new mining projects dry up.

Gold prices slipped as investors took profits from the previous session's three-week high.

The Australian dollar has rallied above 93 US cents following a sharp US dollar sell-off overnight.

US stocks have retreated as a sell-off in Twitter revived worries about the tech sector and disappointing earnings from insurer AIG hit financial stocks.

The share market has closed higher after a late rally boosted most sectors.

The federal government is under pressure to rethink a planned tax increase and pension changes in next week's budget, with a new poll showing support for the coalition has fallen to its lowest level in almost four years.