AAP

The Australian dollar has backed away from a one-month high, as traders take profits.

US stocks have finished lower following mixed earnings and a surprising rise in producer prices, snapping a five-day winning streak for the Dow that included three straight record closings.

Oil prices have moved higher, lifted by a new decline in US oil inventories at the key Cushing storage hub and falling petrol stockpiles.

The Australian dollar passed 94 US cent for the first time in four weeks, helped by confidence in the Australian economy and a rally on Wall Street.

The share market has closed flat, with gains by two of the big four banks offsetting falls by their two rivals caused by the payment of dividends.

West Australian Premier Colin Barnett says the federal government's plan to shift more responsibility to the states for education and health funding might be a ploy to get them to push for changes to the GST.

Mining giant Rio Tinto's Pilbara iron ore operations are producing ore more quickly than previously anticipated.

Commonwealth Bank of Australia has lifted its third quarter cash profit almost 16 per cent to $2.2 billion.

The Australian dollar is higher, having shrugged off the tough federal budget and weaker economic data.

Oil prices have risen after the top US energy official suggested the United States could possibly move to ease its ban on crude exports.

The Dow and S&P 500 have edged to record closing highs for the second day in a row even as the Nasdaq fell on concerns technology stocks are overvalued.

About 800,000 businesses will benefit from a company tax cut from mid 2015 while miners stand to gain from exploration incentives announced in the federal budget.

Treasurer Joe Hockey wants the nation to roll up its sleeves and endure wide-ranging spending cuts to return his budget to the black.

A parliamentary inquiry will examine the police investigation into a series of car crashes that led to Troy Buswell's downfall as treasurer of Western Australia.

The Australian share market has closed higher, led by big mining stocks, after markets in the United States lifted and investment bank JP Morgan expressed confidence in the resources sector.

Holden has announced its biggest financial loss of $553.8 million while Ford is $267 million in the red, its second-worst result on record.

Shares in US-focused Aurora Oil & Gas have closed higher after Canadian oil company Baytex Energy increased its takeover offer for the company.

Explosives and chemicals maker and supplier Orica's half-year profit has slumped, with strong demand from miners in the Pilbara region largely offset by flat sentiment on the east coast.

Mining stocks have rallied, lifting the Australian share market after investment bank JP Morgan gave the sector a big confidence vote.

Tony Abbott says his government's first budget will bring "pain with a purpose".

The Australian dollar is range-bound thanks to a stronger greenback and ahead of the federal budget.

Gold prices have risen, a day after pro-Russian separatists in eastern Ukraine declared victory in a succession referendum, raising chances that rival factions will split the country in two.

The Dow and S&P 500 has closed at fresh record highs, spurred by a strong rally in technology stocks that lifted the Nasdaq Composite Index by nearly 1.8 per cent.

The Australian share market has finished lower ahead of Tuesday's federal budget.

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.