Western Australia shouldn’t expect much cash in next month’s federal budget because it has plenty of Commonwealth commitments already including GST top-ups, Prime Minister Scott Morrison has indicated.
Australia's trade surplus increased to $4.5 billion in January, the second largest surplus on record, as the value of gold exports exceeded expectations.
Crude oil futures sank overnight after US government data showed an unexpectedly sharp build in crude inventories, but a third weekly draw down in petrol stocks kept losses at bay.
Gold steadied overnight just above a five-week low touched a day earlier as the US dollar retreated slightly and stocks edged lower, with investors awaiting further signals on the health of the global economy.
Wall Street's main indexes fell for a third session, with the S&P 500 posting its biggest one-day decline in a month, as healthcare and energy shares slumped and investors sought reasons to buy after the market's strong rally to start the year.
Opinion: Abolishing stamp duty and shaking-up energy markets to cut power prices are two policies that could form a powerful campaign platform for a state election in 2021.
The Reserve Bank of Australia's stance on rates may be getting a little less neutral after Australian economic growth fell well short of the central bank's own downgraded forecast.
Oil prices were little changed overnight as the market wavered on expectations for an imminent trade deal between the United States and China while awaiting US government crude stocks data.
Gold prices slipped overnight to their lowest in more than five weeks as the US dollar rose on stronger than expected economic data and rising US Treasury yields.
Wall Street's main indices have dipped in a choppy session as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's strong run.
Australia's current account deficit has narrowed 33 per cent to $7.2 billion in the three months to December as higher commodity prices boosted the value of exports.
Oil prices rose slightly overnight as the United States and China appeared closer to reaching a formal agreement to end a trade war that has slowed global economic growth while Russia said it would speed up its crude production cuts.
Gold dipped overnight to its lowest in more than five weeks as the US dollar and equities prices rose on optimism about a possible trade deal between the United States and China, while platinum shed 3 per cent as investors took profits from a recent rally.
A project to automate the Roy Hill iron ore benefication plant, predictive analytics for equipment in copper and nickel mines, and sensors to detect rocks to big for crushing were among the local initiatives to receive $2.2 million of federal innovation funding today.
Two more government frontbenchers are expected to resign over the weekend, leaving Scott Morrison's ministry team even further depleted just weeks out from an election.
Brent oil fell while US crude futures steadied overnight as US-China trade tensions persisted, both Chinese and Indian economies showed signs of slowing and news of surging US production undermined OPEC-led output curbs.
Gold retreated to a two-week low overnight as the US dollar recouped losses on stronger-than-expected US economic data, setting bullion on course for its first monthly decline in the last five.
A worsening of the trade war between the US and China could nearly halve Western Australian growth next financial year, according to Treasurer Ben Wyatt, but he believes a worst-case scenario will be avoided.
Oil futures jumped more than 2 per cent overnight after US crude inventories unexpectedly plunged and as top OPEC producer Saudi Arabia appeared unfazed by pressure from US President Donald Trump to prevent oil prices from rising.
Gold prices fell to their lowest in nearly two weeks overnight, pressured by a mild revival in the US dollar after comments from the US Trade Representative dampened expectations of a quick resolution to the US-China trade dispute.
Oil futures steadied overnight on signs that OPEC plans to maintain production cuts despite pressure from US President Donald Trump, whose comment criticising rising crude prices sent the market into a tailspin a day earlier.
Palladium broke past $US1,550 an ounce for the first time overnight on the back of intensifying supply deficit, while gold steadied after US Federal Reserve Chairman Jerome Powell reiterated the central bank's patient stance in further rate hikes.
One of the leading Liberal Party of Australia pre-selection candidates for Curtin, Celia Hammond, has already come under fire from former Subcontractors WA chair Louise Stewart, who is likely to run as an independent candidate for the seat.
Palladium hit a new record high overnight as the threat of strikes in the South African mining industry raised fresh concerns about a supply deficit for the metal, while gold held steady as the US dollar slipped on signs of a US-China trade deal.
Oil futures sank more than three per cent overnight after US President Donald Trump said OPEC should ease its approach on boosting crude prices, which he said were "getting too high".
Wall Street's three major indexes have ended higher but well below the session's highs after US President Donald Trump said he would delay a planned hike in tariffs on Chinese imports.
Prime Minister Scott Morrison was adamant Australia will meet its emissions reduction targets, as he committed $2 billion to a fund which pays businesses to slash pollution.
Gold rose on Friday on the way to a second weekly gain as the US dollar was subdued by weak US economic data and hopes of a breakthrough in the US-China trade dispute, with a darkening global economic outlook bolstering bullion.
Oil prices touched their highest since mid-November on Friday and posted weekly gains for the second week in a row, boosted by hopes that US-China trade talks would soon produce a deal, although new record US oil supply limited gains.
Western Australia’s unemployment rate has spiked to a 17-year high, at 6.8 per cent in seasonally adjusted terms, while the national numbers held steady.
Former foreign minister Julie Bishop has declared she is retiring from federal parliament at the next election, about six months after she left the role in the aftermath of a leadership spill.
