Government

WA BUDGET: WA Treasury has revised its forecasting methodology for iron ore prices to assume that prices fall away quickly from the current inflated levels, which have provided a large boost to government coffers.

WA BUDGET: Federal infrastructure grants and reform of the GST have helped the state government project a $1.5 billion operating surplus in the upcoming financial year, although funding for the Ellenbrook rail line is largely absent.

Oil futures gained one per cent overnight, boosted by a surprise drawdown in US crude stockpiles but an escalating US-Chinese trade fight limited oil's gains as investors worried about the global outlook for energy demand.

Gold prices slipped after climbing to a more than three-week peak overnight as safe haven demand eased after the White House said it had received an indication from China that Beijing wanted to make a trade deal.

Oil prices closed at their lowest in about a month overnight as renewed doubts over a US-China trade deal stoked concerns over global growth and on expectations that US crude stockpiles could hit fresh 19-month highs.

Gold prices gained overnight as stock markets weakened after a US threat to hike tariffs on Chinese imports renewed trade tensions and improved demand for safe-haven bullion.

OPINION: The stubbornly high level of unemployment – despite a stronger economy – has many worried, particularly as new mining technologies increasingly cut into workforces.

The Reserve Bank of Australia has resisted temptation to cut the cash rate from its record low 1.5 per cent, but a move could still be on the horizon after it flagged concerns at the pace at which unemployment is falling.

Australia's trade surplus dropped four per cent in March, to a seasonally adjusted $4.95 billion.

Oil futures edged higher in volatile trade overnight as rising tensions between the United States and Iran buoyed prices after they touched a one-month low following US President Donald Trump's threat that he may raise tariffs on Chinese goods.

Gold edged up overnight as a slide in global share markets after the US government's threat of further tariffs on China prompted investors to favour safe-haven assets, but bullion's upside was capped by a firm US dollar.

Two tweets by Donald Trump have tanked the local bourse - along with markets around the globe - as investors worried the US-China trade war might not be so close to resolution after all.

Oil prices inched up on Friday as strong US economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market.

Gold was headed for its biggest daily rise in two months on Friday, clawing away from a four-month low hit in the previous session, helped by a pullback in the US dollar and as some investors covered their short positions.

The federal Labor opposition needs to lock down the details of its emissions policy before the impact will be clear, according to Woodside chief executive Peter Coleman, but the ability to buy international offsets will be key to keeping the cost of carbon reduction low.

OPINION: Outlying states need their MPs to step up, but ministerial experience on both sides is a bit thin this time around.

Oil plunged overnight, with US crude dropping almost three per cent as the market grappled with oversupply fears as increased US sanctions on Iran had more gradual impact than expected and US crude oil inventories rose sharply.

Gold prices slumped to an over four-month low overnight after the US Federal Open Market Committee (FOMC) axed any hopes for a rate cut in the near term, subduing demand for the non-interest bearing bullion.

Colin Barnett, Carmen Lawrence and Jennifer Lawrence are among the high profile names appointed to the UWA Public Policy Institute’s international advisory board today.

Govermment funds earmarked for a biomass energy plant and solar farm at Collie have been transferred to a new $60 million job creation fund that aims to create a long-term future for the town as coal mining winds down in coming years.

A report commissioned by ALDI has found the German supermarket giant contributed over $139 million to Western Australia’s economy in 2018.

Gold prices dropped to a one-week low overnight as the US dollar rebounded after the Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signalled strong economic growth.

Oil futures ended little changed overnight after supply curbs, including further talk on an extension to OPEC-led cuts, offset rising US crude inventories and record production.

Oil prices pared their gains overnight, after global benchmark Brent crude rose above $US73 a barrel, as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports.

Gold prices firmed overnight as the US dollar slipped to a one-week low, making bullion more attractive, with investors awaiting the Federal Reserve's interest rate decision this week to gauge the outlook for US monetary policy.

Oil prices edged higher overnight as the market attempted to resume a weeks-long rally that was halted on Friday when US President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.

Palladium slumped about seven per cent overnight in its biggest daily percentage drop in more than two years while gold also fell as strong US data improved investors' appetite for riskier assets ahead of the US Federal Reserve policy meeting.

Western Australia's economy has been performing well below its long-term average but is showing signs of increasing economic momentum with growing exports and $73 billion of projects underway or under consideration, according to two new reports.

An independent candidate for former foreign minister Julie Bishop's safe seat claims she is the victim of a "supposed hoax" involving fake opinion polling data and has refused to pull out of the election race.

OPINION: Muffled by the drumbeat of election campaigning as Australia heads towards its May 18 poll is a more sinister noise, demands for a big cut in interest rates, or the dumping of “helicopter” cash on the community – or both.

Prime Minister Scott Morrison has promised 1000 shipbuilding jobs at Henderson, and opposition leader Bill Shorten has pledged $75 million towards mining exploration, ahead of their debate tonight in Perth.

Oil prices fell three per cent on Friday after US President Donald Trump again pressured the Organisation of the Petroleum Exporting Countries to raise crude production to ease petrol prices.