AAP

The Australian share market has rallied for a second time this week on the back of a strong lead from Wall Street, as several leading US corporations reported better-than-expected earnings.

Traditional owners in Western Australia have written to the Albanese government seeking to stop the progress of a contentious urea plant.

The local share market has closed down 0.56 per cent, although the big banks and coalminers again turned in a strong performance.

Two speeches in two days will give the Reserve Bank of Australia an opportunity to demonstrate how hawkish it is feeling as rate hikes loom.

The big banks, miners and coalminers all gained ground as the market digested ANZ's $4.9 billion purchase of Suncorp Bank.

The big-four lender has agreed to pay $4.9 billion for the banking operation as it seeks to shore up its Queensland business.

A drop in iron ore prices and two major US banks missing earnings estimates have taken their toll on the Australian share market.

The prime minister has defended the government's decision to end COVID-19 isolation payments, ahead of a snap national cabinet meeting over rising case numbers.

Australian shares have risen 0.4 per cent, with gains by iron ore miners, and coalminers outweighing losses for the big banks and property trusts.

An appeal by Christian Porter over the removal of his leading barrister in the now-settled defamation case against the ABC has been dismissed.

The national unemployment rate is set to fall further to 3.8 per cent when new labour force figures are released on Thursday.

The ASX has closed up 0.2 per cent, although energy companies were under pressure after Brent crude prices plunged to a four-month low.

Western Australia's Liberal and National opposition partners will face off in a by-election for the state's largest electorate.

While the inflation challenge is expected to get worse before it gets better, Treasurer Jim Chalmers says the government is awake to the pressure on pensioners.

The ASX has closed basically unchanged after losses by the mining sector and gains for consumer staples and health care.

Treasurer Jim Chalmers says a boost to migration is not the only solution to fixing skills shortages across the country.

The local bourse has dropped by 1.1 per cent, as traders take a little off the table before the release of US inflation and Chinese GDP figures.

The federal government says its position on dealing with China remains unchanged, despite China listing four demands in order to improve ties.

The Australian share market has finished the day up 0.45 per cent and gained 2.1 per cent for the week, its best performance in 17 weeks.

Japanese former Prime Minister Shinzo Abe has died, public broadcaster NHK has reported.

Prime Minister Anthony Albanese says the United Kingdom-Australia relationship goes beyond individuals and will continue to thrive with new leadership.

Boris Johnson says he is resigning as Britain's prime minister, bowing to calls from ministerial colleagues and lawmakers in his Conservative Party.

Gains by the heavyweight mining sector have helped lift the Australian share market by 0.8 per cent as industrial metal prices rebound.

The Australian Bureau of Statistics says payroll jobs rose 0.1 per cent in the month to June 11, with the trade surplus coming in at $15.9 billion in May.

Ahead of the release of payroll figures and the latest data on Australia's trade surplus, job advertisements are showing potential signs of decline.

The ASX's mining and energy sectors have fallen sharply after global commodity prices plunged on fears of a global recession.

ANZ has followed Commonwealth Bank in raising mortgage rates following the central bank's decision to lift the cash rate to 1.35 per cent.

As the Reserve Bank hikes the cash rate for the third month in a row, rents are higher across city and regional areas.

The ASX has closed modestly higher after the Reserve Bank announced another 50 basis point rate rise, as expected.

The Reserve Bank of Australia board is expected to lift the official cash rate to 1.35 per cent when it meets on Tuesday.

Australian pilots are being pressured to fly while tired and work around "unstable" rosters, according to a union survey.

The S&P/ASX 200 index rose 1.1 per cent by noon, recouping some of the losses from the previous three sessions.