AAP

The ASX has dropped to a 19-month low after its sixth straight losing session and worst weekly performance since March 2020.

The ASX200 index fell to its lowest level since November 2020 at midday, dropping 2.1 per cent in morning trade as global markets continue their meltdown.

Prime Minister Anthony Albanese met with state and territory leaders in Canberra face-to-face on Friday for the first time since being elected.

The Australian share market has been unable to sustain its morning gains, closing lower for its fifth straight session.

Industry says Australian businesses are faced with workforce shortages supply chain disruptions and impacts of rising inflation.

The local bourse has closed lower for the sixth session in the past seven as traders digest the possibility of a supersized US rate hike overnight.

The Fair Work Commission has recommended a 5.2 per cent pay rise for Australia's low-paid workers, equating to an extra $40 a week.

The local share market has suffered its worst losses since 1 May 2020, and is now down 7.3 per cent in June.

As the federal government weighs up its options to deal with the energy crisis, a former prime minister says decisive action is needed in the gas market.

The local share market has closed at its lowest level in 14 months following three sharp declines in the past four days.

Small businesses are feeling the pinch from rising energy costs, with confidence dropping during the past six months, particularly among young business owners.

It's been another brutal day for Australia's banks and non-bank mortgage lenders, with the financial sector on track for its worst week since March 2020.

New wind and solar farms will be used to power Rio Tinto's aluminium assets in the Gladstone region, as the mining giant looks to halve emissions by 2030.

Energy sector players have broadly backed plans by federal, state and territory governments to work together to stabilise Australia's power sources.

The Australian share market has finished 0.36 per cent higher amid gains for oil producers and coalminers, while the big banks posted losses.

National Disability Insurance Scheme Minister Bill Shorten says the agency's chief will step down ahead of a new head being confirmed in the coming months.

The local bourse has suffered its worst day in nearly three weeks after the Reserve Bank delivered a supersized 50 basis point rate hike.

The Reserve Bank of Australia has lifted the cash rate by 50 basis points, the largest single increase in more than 20 years.

Confidence has dropped to its lowest level since mid-August 2020 as cost of living pressures mount, not helped by an expected further rise in interest rates.

The Australian share market has alternated between losses and gains but finished up 0.78 per cent for the week.

The government will consider using whatever mechanisms are available to counter constrained gas supply on the east coast as price hikes begin to bite.

The local share market has dropped back below 7200, with losses for every sector except utilities and energy.

Treasurer Jim Chalmers remains coy on whether the Labor government will pull a gas trigger to shore up domestic supply, as energy prices spike.

The Australian share market has ended modestly higher despite huge drops for lithium miners and electricity supplier Origin Energy.

Household spending helped to prop up economic growth in the early months of this year, although there was a marked slowdown compared with the strong finish of 2021.

The Australian share market finished May on a sour note, dropping 1.0 per cent with every sector losing ground and snapping a two-day winning streak.

Building approvals showed a more modest decline in April after the wild swings recorded in the early stages of 2022.

Consumer confidence has barely moved in response to the federal election result, which has seen Labor secure sufficient seats to run a majority government.

AGL Energy is abandoning plans to split into two separate entities, while flagging the departure of chair Peter Botten and chief executive Graeme Hunt.

The Australian share market has closed 1.1 per cent higher for its best session since last Friday.

Economists expect retail spending managed to grow in April despite a series of hurdles, but new data won't capture the impact of a rise in interest rates.

The local share market has closed down 0.7 per cent with every sector losing ground except for technology, boosted by Appen's $1.2bn takeover offer.