Government

Iron ore shipments contributed more than $45 billion to the Western Australian economy in the 12 months to June, a figure well down on last year, according to BNiQ, despite a pick-up in volumes by the state's major producers.

Marine services company MMA Offshore has flagged a $140 million impairment in its upcoming FY16 results, with the majority of the charge attributed to its vessel fleet.

US stocks mostly rose in anticipation of results from tech heavyweights Alphabet and Amazon, while the yen eased after Reuters reported the Bank of Japan was considering expanding monetary stimulus to address signs of weak inflation.

Oil prices have fallen nearly two per cent, hitting April lows and with US crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.

The Australian dollar has fallen against its US counterpart as the greenback staged a minor rebound.

Gold has turned lower after hitting a two-week peak as the US dollar pared losses and US stocks climbed from their lows ahead of a possible Bank of Japan announcement to expand monetary stimulus on Friday.

Only 14 per cent of Western Australian small businesses are supportive of the state government's policies, while they're less confident about the economy than in any other state, according to the latest quarterly survey by marketing group Sensis.

The Australian dollar has gained some ground after the US dollar weakened on signs the Federal Reserve is not ready to lift interest rates in September.

Gold has extended its climb above $US1,330 an ounce after the US Federal Reserve left interest rates unchanged as expected and the US dollar pared gains against a basket of major currencies.

FMG could be lowest cost

Wall Street has ended lower after the Federal Reserve left interest rates unchanged but opened the door to a possible rate increase later this year.

The Australian dollar has fallen and economists say a Reserve Bank rate cut is more likely next Tuesday following the release of data showing annual inflation is at its lowest level since June 1999.

The richest 1 per cent of Australians have become less well off in the past eight years, while net wealth in the bottom 10 per cent of households has continued to grow, according to the Melbourne Institute's Hilda survey report.

The Reserve Bank says Brexit fears won't hit the global economy too hard, but more sluggish local consumer prices could set the scene for an August rate cut.

More than half of respondents to a survey of 1,200 Business News subscribers and users believe the state's business environment deteriorated in the 2016 financial year.

Prime Minister Malcolm Turnbull has promoted little-known Queensland Nationals Senator Matt Canavan to a cabinet position as resources minister, with Josh Frydenberg moving from that role to the portfolios of energy and environment.

Treasurer Mike Nahan has said encouraging private investment in the Pilbara electricity grid could reduce its excess capacity and also energy prices in the north west, at a Committee for Economic Development of Australia lunch today.

Malcolm Turnbull's campaign failings have highlighted the danger of giving your opponent a free kick, and WA Liberals are sure to heed the warning.

The state government plans to cancel a new environmental review of the controversial Roe 8 highway extension project after winning a legal appeal today, but it remains unclear when contracts for the project will be awarded.

The state government has flagged the possibility of a broad inquiry into the use of imported building materials after confirming today that roofing panels supplied by Chinese company Yuanda to Perth Children's Hospital contained asbestos.

Unemployment in Western Australia retreated slightly last month, while the national jobless rate edged higher, new figures have shown.

Moving state government departments out of Perth's central business district into regional and urban centres will have social benefits, according to Environment Minister Albert Jacob, as the government announced today the shift of 800 staff to a Primewest development in Joondalup.

A credit rating downgrade could cost more than $1 billion in extra interest bills, but higher taxes to balance the budget is not the solution, according to KPMG Economics.

A ramp-up of iron ore exports has lifted annual throughput at Port Hedland to a new record of 460.4 million tonnes, with the combined Pilbara Ports Authority tracking for a figure of 633.5mt per year.

Construction Forestry Mining and Energy Union WA assistant secretary Joe McDonald was among 29 union representatives fined a total of $61,000 for unlawful industrial action at Lakeside Joondalup in 2014.

A government body has slashed its 2017 iron ore price forecast by nearly 20 per cent on expectations of slowing demand growth in an oversupplied market, underlining the threat to the federal government's finances.

Malcolm Turnbull will be returned as prime minister, according to renowned election analyst Antony Green, as postal vote flows strongly favour the coalition parties and three lower house independents have offered him supply and confidence.

There's a one in three chance the Commonwealth government's credit rating could be downgraded within the next two years, according to Standard & Poor's, a move which would be expensive for taxpayers and may have flow on effects for other borrowers.

Premier Colin Barnett has softened his position on the proposed privatisation of Western Power, saying it could be used by Labor as a scare campaign in the state election next year.

Standard and Poor's has lowered Australia's sovereign debt ratings outlook from AAA stable to negative, citing the ambiguous outcome of the recent federal election potentially delaying fiscal consolidation, although it affirmed the strength of the economy broadly.

The top Senate candidate in Western Australia of Pauline Hanson's One Nation party could be ineligible to sit in parliament because he has been convicted of a crime and is still to face trial on a second charge.

The state government has announced new directors for the Gascoyne, Peel and Pilbara development commissions.