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The Australian dollar is treading water ahead of crucial US employment data.

Oil prices have slipped for a second straight day as traders worry about abundant supplies and a dollar made stronger by Federal Reserve hints of a hike in interest rates.

The Australian Submarine Corporation should be privatised, while Australian workers have the capability to produce defence projects locally, Austal chief executive Andrew Bellamy said today.

The Australian share market has closed lower, weighed down by the big banks as National Australia Bank traded ex-dividend.

Sales of new cars fell 10.5 per cent across Western Australia in October on the previous corresponding period, despite a 3.4 per cent uptick nationally for the month.

The Australian share market has opened lower after lacklustre leads from overseas markets and the National Australia Bank trading ex-dividend.

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Gold has fallen to a one-month low, dropping for the sixth straight session as the US dollar shot to a three-month high after US Federal Reserve Chair Janet Yellen raised expectations for a December interest rate increase.

The Australian dollar has softened against the greenback, which rose after the head of the US Federal Reserve endorsed an imminent interest rate tightening bias.

World oil prices sank Wednesday on rising US commercial crude inventories and production and a Federal Reserve-driven stronger dollar.

Wall Street stocks have dropped after Federal Reserve Chair Janet Yellen said the US central bank could lift interest rates in December.

Labor's candidate for the new West Australian federal seat of Burt has hinted the party's policy of a national interest test for gas exports will form a key plank of his election campaign.

Premier Colin Barnett says the state won't be rushed into making a decision on stage two of the controversial Perth Freight Link, despite federal funding hinging on work being under way next year.

The Australian share market has closed slightly higher, buoyed by the big miners.

Retail spending in Western Australia has hit its highest level on record, in seasonally adjusted terms, with September expenditure more than $2.8 billion; yet growth is well down from the heights of the boom.

Australia's trade deficit improved to $2.3 billion for the month of September, in seasonally adjusted terms, despite Western Australia's export performance being softer than the same time last year.

The Australian share market has opened more than one per cent higher, boosted by positive leads from markets overseas and a positive outlook for the Australian economy.

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The Australian dollar has edged higher after the Reserve Bank left interest rates unchanged but hinted it might be tempted to make a cut soon.

Wall Street stocks rose for the second straight session, led by resurgent oil shares and retailers after a pair of US clothing chains raised their earnings forecasts.

Gold has fallen nearly two per cent to a four-week low, sliding for a fifth straight session as prices come under pressure from a rising US dollar and speculation that the Federal Reserve may lift interest rates this year.

The Australian share market is over 1 per cent higher, ending a six session losing streak, after the Reserve Bank left the door open for a another rate cut.

Western Australia Labor's left faction is hoping to oust Gary Gray from the federal seat of Brand, saying he should be an independent if he doesn't want to toe the state party line.

The Australian share market has opened higher on positive US leads and ahead of a possible Melbourne Cup day interest rate cut.

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The Dow has pushed back into positive territory for 2015, lifted by a technical bounce in petroleum shares and data showing a seven-year peak in US construction spending.

The Australian dollar has edged lower ahead of the Reserve Bank's interest rate decision.

Oil prices have dropped after data showed China's manufacturing output continued to contract and Russian oil production hit a new record high.

A cluster of Western Australia-listed companies has been highlighted in BNiQ research as exhibiting strong revenue growth, appearing to have bucked the economic slowdown with strong gains in operational income.

The Australian share market has been dragged down by Australia's biggest companies as global investors steer away from risk assets ahead of Tuesday's Reserve Bank of rate decision.

Businesses are benefiting from the "Turnbull effect" but that won't necessarily stand in the way of an interest rate cut when the Reserve Bank of Australia holds its Melbourne Cup day board meeting.

The state government is at odds with the Commonwealth over plans to shelve the second stage of the $1.7 billion Perth Freight Link, with the federal minister for cities saying today the funding agreement was for both stages of the project, not just stage 1.