AAP

The local share market dropped 1.3 per cent, with every sector in the red and the big banks hitting three-month lows as sentiment soured.

Treasurer Jim Chalmers says the government is closely monitoring the situation in China, where a wave of COVID-19 infections is sweeping through the country.

The local share market has closed 0.6 per cent lower with nearly all sectors in the red, and lost a similar amount for the week.

A 12-month cap on the price of gas has begun as part of the federal government's energy relief measures agreed by state and territory leaders.

The local share market has advanced for a second day, rising 0.5 per cent with nearly every sector in the green.

The Reserve Bank needs to take on board the lessons learnt from its poorly communicated forward guidance, a parliamentary committee has found.

The majority of West Australian police members polled by the union voted to reject the government's latest pay offer.

The ASX has recovered most of Tuesday's sharp losses suffered after the Bank of Japan's surprise move on bond yields, closing up 1.29 per cent.

TPG and Telstra will appeal after the Australian Competition and Consumer Commission declined to approve their proposed $1.8 billion network-sharing deal.

The local share market has fallen 1.54 per cent after Japan's ultra-dovish central bank unexpectedly eased its attempts to control bond yields.

Australia's foreign minister has left Canberra on a plane to Beijing for diplomatic talks with her Chinese counterpart, breaking a four-year diplomatic freeze.

Susan Lloyd-Hurwitz will take the helm of the interim National Housing Supply and Affordability Council, which will have five more members, from next year.

The local share market has closed in the red for a third straight day, finishing down 0.2 per cent to its lowest close since November 16.

Environment Minister Tanya Plibersek has lauded Australia's progress from environmental "laggard to leader" as nations agree on a nature protection framework.

The local share market has now lost ground for two straight weeks after closing down 0.8 per cent on the day, and 0.9 per cent on the week.

Attorney-General Mark Dreyfus has announced the government will abolish the Administrative Appeals Tribunal.

NAB says higher inflation, rising interest rates and slower growth are starting to affect both businesses and consumers.

Australian shares have fallen after the US Federal Reserve quashed hopes for a Santa rally when announcing its final rate hike of 2022.

An energy relief package for households and businesses that caps the price of gas has passed parliament.

Energy markets are responding pre-emptively to the federal government's price cap proposal, demonstrating it's already having a dampening effect on prices.

The local share market has advanced 0.7 per cent after a softer-than-expected inflation readout in the US ahead of the final Fed meeting of 2022.

Australia's multi-billion-dollar pipeline of new highways, railway upgrades and other projects is under threat from rising costs and acute labour shortages.

Woolworths has raised $636 million in a selldown of shares in alcohol retailer, hotel and poker machine operator Endeavour Group.

The local bourse has clawed back most of Monday's losses as traders await more US inflation data that will be released in the wee hours.

The eighth interest rate hike in a row has been met with indifference by consumers, with households likely banking on a pause at the next Reserve Bank meeting.

The ASX has started on a weak note, losing 0.45 per cent ahead of a busy period of economic data and central bank meetings.

The ASX has started the week on a weak note, with most sectors down at noon ahead of a busy week of economic data and central bank meetings.

The treasurer says Australia could miss out if it doesn't act fast to improve the conditions for environmentally-conscious investors.

The local share market has finished Friday 0.5 per cent higher, but three midweek days of losses made this its worst week since late October.

Australia's leaders are preparing to meet virtually to discuss how to provide households and businesses with relief from increasing power bills.

The local share market has fallen by 0.75 per cent to an almost three-week low, with gold gaining and oil hitting its lowest level since early January.

The Labor government has detailed how it will fix Australia's "flawed" laws for nature, with development decisions to be passed to an independent adjudicator.