AAP

A bushfire warning for residents in Perth's southern suburbs has been downgraded from a watch and act to an advice, with lives and homes no longer under threat.

Oil and gas producer Santos has announced a net profit of $516 million in line with last year's result as record sales revenue was offset by lower interest income and higher exploration costs.

The Western Australian Senate vote debacle has claimed two senior scalps at the Australian Electoral Commission.

Iluka Resources predicts demand for its products will recover over the next two years despite weaker prices causing a 95 per cent drop in its full year profit.

Western Australians will see a lot of Prime Minister Tony Abbott and hear much more about the carbon and mining taxes as their Senate election is re-run.

The Australian market has opened higher after a strong lead from Wall Street and gains from the mining giants.

The new owner of Shell's downstream assets in Australia has given assurances no jobs are at risk under its $2.9 billion deal to by the multi-national group's stations and Geelong refinery.

National Australia Bank has grown its cash profit in the first quarter by seven per cent to $1.55 billion.

The Australian dollar is higher, as optimism about the outlook for the US economy improves.

The Australian share market has finished a touch higher as investors reacted positively to strong earnings reports from major companies.

Western Australia's 1.5 million voters will go back to the polls to elect six senators after the High Court voided the 2013 election result.

Myer has again called on rival David Jones to consider a merger between the two department stores.

The Australian share market has opened higher following surprisingly strong earnings reports from second-tier stocks.

Construction and engineering group Leighton Holdings has lifted full year net profit by 13 per cent to $509 million.

Spending has risen for the 17th consecutive month as business conditions improve, partly thanks to a lower Australian dollar.

The Australian dollar has fallen against a stronger US dollar following the release of Federal Reserve minutes showing it was determined to wind back its economic stimulus program.

US stocks have finished lower after minutes from the latest US Federal Reserve meeting showed some policymakers sought an early hike in the Fed's benchmark interest rate.

Oil prices hit their highest levels so far this year on Wednesday on the back of US winter weather and more turmoil in oil exporters Venezuela, South Sudan and Nigeria.

The share market has closed slightly higher but gave away most of its earlier gains as investors took profits late in the session.

Royal Dutch Shell has reportedly sold its downstream assets in Australia, including petrol stations and its Geelong refinery.

The Australian sharemarket has opened higher amid another round of corporate earnings results and strong international leads.

Oil and gas producer Woodside Petroleum has recorded a 41.4 per cent fall in full year net profit to $US1.75 billion ($A1.94 billion).

US stocks have closed mostly higher as investors weighed mixed company news and an unexpected slump in home builder confidence.

US oil prices have jumped to a four-month high due to the effects of a cold winter in the US and rising concerns about stability in some key oil exporters.

The Australian dollar has fallen but weak US economic data has stopped it from dropping too low.

Coles managing director Ian McLeod is set to move to a senior role with parent company Wesfarmers after six years of overseeing massive growth in the supermarket chain.

The Australian market closed slightly higher as gains from mining giant BHP Billiton's strong profit results were dragged down by a disappointing result from Coca-Cola Amatil.

The economy is showing signs of getting stronger and that means more interest rate cuts from the central bank are unlikely.

Seven West Media is back in the black after the television, magazine and newspaper company posted a $150 million half year profit.

Alcoa of Australia has announced it will permanently close its Point Henry aluminium smelter at Geelong in August because it has "no prospect of becoming financially viable" in another blow to the nation's manufacturing sector.

The Australian sharemarket has opened higher, helped by BHP Billiton's massive profit rise.

Virgin Australia has lashed out at Treasurer Joe Hockey for calling it a "3000-pound gorilla", saying it's a "bit rich" to accuse it of being a bigger market player than Qantas.