AAP

Standard & Poor's has affirmed Australia's AAA rating, saying its economic recovery from the COVID-19 shock should help narrow the budget deficit.

Australia's share market is headed for its worst week in almost two years after investors despaired at confirmation of impending rate rises in the US.

Defence Minister Peter Dutton says there are "many worrying signs" from Russia on the Ukrainian border as Europe looks to Australia as a potential gas supplier with Kremlin tensions increasing.

Big falls from WA companies have driven shares to plummet to their second-steepest fall of the year, while a higher than expected inflation reading added to fears of higher rates.

The Aboriginal flag is now owned by the federal government and freed for public use after a $20 million copyright transfer deal was finalised.

Investors have taken money out of the ASX to start a week in which Australian inflation data and US Federal Reserve decisions could change market dynamics.

Treasurer Josh Frydenberg has been quick to point out that interest rate decisions are up to the Reserve Bank as speculation mounts for a rise this year.

Stocks on the Australian market had their second-steepest fall of the year as investors brace for news next week of the path to higher global interest rates.

Serbia has revoked Rio Tinto's lithium exploration licences, bowing to protesters who opposed the planned $3.3 billion Jadar development on environmental grounds.

National cabinet has agreed not to shorten the isolation time for positive COVID-19 cases from seven to five days.

US payments giant Block has made an unconvincing ASX debut while the traditional heavyweights - the miners - held the market higher.

Western Australia's unemployment rate dropped to 3.4 per cent in December, its lowest in 13 years.

Technology shares have plunged and the incredible story of Afterpay stock came to an end as ASX investors suffered broad losses.

Text messages between Mark McGowan and John Quigley will become public as part of his defamation battle with Clive Palmer.

Economists are still confident of a further drop in the unemployment rate and a relatively solid rise in employment when the December labour force figures are released on Thursday.

Two separate surveys have found consumers and bosses are showing some resilience in the face of the Omicron outbreak.

A second-half fade for the ASX caused by rising bond yields has reminded investors higher interest rates could dominate 2022.

Consumer confidence has slumped due to the rapid spread of the Omicron variant and the immense strain this has put on testing facilities.

Investors have raised the ASX a little after China's central bank cut loan rates on more signs of a slowing economy.

Wesfarmers is on track for first-half earnings that meet investor expectations despite Kmart and Target struggling from coronavirus impacts.

Treasurer Josh Frydenberg says taxation will be a clear battleline between the coalition and Labor at the upcoming federal election.

Immigration Minister Alex Hawke has cancelled the visa of world No.1 tennis player Novak Djokovic days out from the Australian Open.

Shares had their biggest loss in more than a week as a US technology crash spilled over into the Australian market.

Australia's peak union body has called a crisis meeting after the prime minister's "failure" to protect workers and community safety by making rapid antigen tests free.

Iron ore miners have benefited from production challenges in Brazil and ensured ASX investors are ahead for the week with one trading day remaining.

A broad-based rally on the ASX could be forgotten within hours as Wall Street investors brace for figures which one analyst tipped will show peak inflation.

The federal government has flagged filling gaps in essential service roles with temporary visa holders, older Australians and the unemployed.

Supermarkets and chicken suppliers were among the shares ditched on the ASX as the latest coronavirus wave poses a serious challenge to earnings.

Retail sales soared by 7.3 per cent in November after last year's easing of COVID-19 restrictions, but there are signs the subsequent emergence of the Omicron variant has since curbed spending.

Consumer confidence has fallen across Australia as a result of the rapid spread of the Omicron strain of COVID-19, potentially dampening the outlook for retail spending.

Commodity-based shares proved a saving grace for ASX investors after they offset an Australian market mostly weighed by US rate rise worries.

The federal government is working to ease pressure on supply chains amid spiking Omicron cases as stock is thinning out on supermarket shelves.