Government

Julie Bishop and Mathias Cormann have backed the Liberal Party's decision not to contest the Perth and Fremantle by-elections, saying it would be a waste of money.

The Australian dollar is slightly higher, after a Wall Street had a mixed session on Friday and most base metals prices were lower.

Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that US allies would push to maintain a deal with Iran, which could keep that country's crude exports on global markets.

Gold prices were flat on Friday, as the US dollar weakened and investors grew a bit less confident about prospects that the Federal Reserve would raise interest rates three more times in 2018.

Labor gains on ‘fair’ budget: poll

Western Australians paid federal taxes of $16.5 billion in the year to June 2017 that were spent outside the state, according to WA Treasury data, with the latest numbers suggesting WA would be the biggest winner from federal moves to cut company and income taxes.

A trade war driven by the Trump-administration’s protectionist policies is probably unlikely, former US House of Representatives speaker John Boehner told a Perth audience last night, words that may offer some comfort for those in WA’s export industries.

The McGowan government says it will set up a taskforce to investigate establishing a pilot training academy in Western Australia, after Qantas today launched a formal request for proposals from state governments across the country.

WA Labor MP Anne Aly claims that a letter from the Egyptian embassy regarding her citizenship has “put the matter to rest" following concerns surrounding her eligibility for parliament.

The Australian dollar is higher after the US dollar lost ground on the back of some disappointing US inflation data.

Crude prices ended the session slightly higher on Thursday as investors weighed the potential disruption to oil flows from major exporter Iran in the face of US sanctions.

Gold prices rose on Thursday as the US dollar backed away from 2018 highs after weaker-than-forecast US inflation data and as tensions between the United States and Iran also supported the precious metal.

Boost for Tourism WA

The state’s net debt will peak at a level $2 billion lower than previously forecast, at $40.9 billion, with Treasurer Ben Wyatt forecasting an operating surplus in the 2021 financial year.

Treasurer Ben Wyatt said today the government was still working on the proposed sale of land registry service Landgate and gaming agency TAB.

State government revenue will be boosted by several policy measures announced today, including increased cost recovery from the mining, maritime and justice sectors, removal of the resource sector’s exemption from a training levy, and an increased levy on foreign property buyers.

The Australian dollar is higher. following a strong lead from US stocks and commodity prices.

Oil prices rose about three per cent on Wednesday and hit fresh three-and-a-half year highs after a bigger-than-expected drawdown in US oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

Gold prices dipped on Wednesday as safe-haven buying failed to kick in after the United States withdrew from the Iranian nuclear accord, and as rising US Treasury yields added pressure.

Higher WA property surcharge to hit foreign buyers

Fremantle MP Josh Wilson has triggered a third by-election in Western Australia, after resigning today following a High Court ruling that removed Labor senator Katy Gallagher from parliament.

The Australian dollar is lower, after metals prices fell overnight and Wall Street put in a mixed performance.

Oil prices recouped some losses to end about two per cent lower on Tuesday after President Donald Trump confirmed the US will withdraw from the Iran nuclear deal in a volatile session which saw prices slump as much as four per cent.

The spot gold price is slightly higher following a brief increase on Tuesday after the US dollar backed down from a new 2018 high as worries hovered over the United States' decision to pull out of a key nuclear accord with Iran.

Squeeze on tax deductions to bring in $1.1b

Two by-elections will take place in Western Australia in coming months, after a parliamentary inquiry into scandals involving Darling Range MP Barry Urban recommended his expulsion from parliament.

The Australian dollar is flat despite gains on Wall Street, trading in a tight range with the London Metals Exchange closed for a bank holiday.

Oil prices rose for the fourth straight day to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.

$4b tax cut

Gold prices have slipped on Monday, snapping three days of gains as the US dollar index strengthened after last week's soft US jobs data did little to dampen optimism about the world's largest economy.

The Australian dollar has made some small gains on the back of stronger US stocks that were supported by weaker than expected US jobs and wages growth.

Oil prices rose about two per cent on Friday, with US crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new US sanctions against Iran.