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Prime Minister Tony Abbott has denied reports he was told coalition MPs want Treasurer Joe Hockey dumped if next week's federal budget flops with voters.

Australia's unemployment rate has ticked up, despite lower interest rates and a weaker Aussie dollar helping to support the labour market.

Half of the board of Southern Cross Electrical Engineering has walked off the job, including chairman John Cooper, after it flagged a change in direction, a number of redundancies and cost-saving initiatives in response to the tough climate for local contractors.

National Australia Bank has launched a massive $5.5 billion capital raising to help it get the jump on regulators and allow it to push ahead with the public float of its troubled UK business.

The Australian share market has opened lower following losses in US markets overnight.

South32 chief executive Graham Kerr says he is confident the diversified mining company will be ready to operate as an independent entity later this month, after BHP Billiton shareholders strongly endorsed the demerger.

The Australian dollar has levelled off after enjoying a strong rally on the back of retail spending figures, which showed signs of improvement.

Gold prices edged down on Wednesday, as the impact of higher US real yields counteracted the effects of a sharply weaker dollar, soft US data and doubts the Federal Reserve will raise interest rates at its June meeting.

Reported activity for primarily the first week of May was encouraging with overall sales up 38% for the week to 770, the highest level since late March.

Oil prices have scored new 2015 peaks after weekly data showed US commercial crude stockpiles unexpectedly slumped in the first decline in four months.

Wall Street stocks have fallen for a second straight session following disappointing jobs data and a warning from Federal Reserve Chair Janet Yellen on high equity valuations.

The state government is utilising rarely used powers under the Corporations Act to take control of $1.7 billion owed to creditors of the failed Bell Group and ensure a big slice of that money is distributed to Western Australian taxpayers through the Insurance Commission of WA.

The Australian share market has suffered its biggest one-day fall in two years after Commonwealth Bank and Woolworths results spooked investors.

Directors have indicated their support for reform to the GST, including an increase in its rate, and raised concerns that public policy debate in Australia was of poor quality, in a survey conducted by the Australian Institute of Company Directors.

New home sales rebounded by 4.2 per cent in Western Australia in March, the first time in 2015 where transactions were higher than the previous month, according to the Housing Industry Association.

The Chamber of Commerce and Industry WA has applauded initiatives introduced by the federal government to cut red tape for small business.

In an unprecedented move, a local lobby group has written to the Pope urging him to reconsider his stance on climate change.

Retail spending growth seems to be slowing a bit, but no more than might have been expected, and there is no good reason to expect the deceleration to continue.

West Perth-based oil and gas explorer Orca Energy has announced former mining magnate Nathan Tinkler will be its new executive chairman after participating in the company’s $20 million capital raising.

Commonwealth Bank of Australia shares have dropped to a near four-month low, with analysts warning there could be worse to come and investors questioning whether the dream run is over for Australia's big four lenders.

Engineering and construction firm Valmec has won a contract to supply its services to APA Group’s $140 million Eastern Goldfields Gas Pipeline project for an undisclosed sum.

Retail giant Woolworths will shed an extra 400 jobs as it looks to save $500 million in costs.

Prime Minister Tony Abbott flew into Perth today to announce $500 million of extra Commonwealth funding for WA roads, while his finance minister Mathias Cormann kept up pressure on the state government to reciprocate by privatising more state-owned assets.

Australia's banks have come under fire from Treasurer Joe Hockey for taking their time to pass on the Reserve Bank's interest rate cut to their customers.

The Australian share market has opened significantly lower, following on from falls in US stocks.

The Australian dollar has enjoyed a strong rally following the Reserve Bank of Australia's interest rate announcement.

Gold futures prices rose on Tuesday as the US dollar turned lower and global shares fell ahead of US non-farm payroll data later in the week.

TPG Telecom has quickly won backing from iiNet after lifting its takeover offer to $9.55 per share, with cash and scrip alternatives, as it fends off a rival bid from Dodo owner M2 Group.

US oil prices have shot up above $US60 a barrel for the first time this year as reports of rising tensions in petroleum-producer Libya fuelled bullish momentum.

US stocks have tumbled on worries about higher oil prices and a spike in tensions over the Greek debt crisis.

The state government will introduce legislation into parliament tomorrow designed to finalise the long-running Bell Group legal case, in which the Insurance Commission of WA and other creditors are fighting over a $1.7 billion payout.

Giorgi Exclusive Homes says its $15 million purchase of a block in West Perth has set a new record for a quarter acre block in Perth, with the recent settlement of the transaction to facilitate bui