AAP

The Australian dollar is slightly higher against its US counterpart after having lost almost half a per cent before the federal budget helped prompt a turnaround.

Gold has dropped to an eight-week low as safe-haven demand continues to fade in the wake of Emmanuel Macron's victory in the French election and as expectations for tighter US monetary policy lifted bond yields.

The Australian share market has closed around 0.5 per cent lower, led downwards by the big banks, as investors fear that the federal government will introduce a new tax on banks in tonight's federa

Retail spending has slowed for a second consecutive month, official figures have shown, as consumers tighten their purse strings amid low wages growth.

Commonwealth Bank shares have taken their biggest one-day hit in almost two years after third-quarter cash earnings of about $2.4 billion failed to offset investor worries over a possible new bank tax in the budget.

Casinos operator Crown Resorts has quit the major gambling destination of Macau after a series of setbacks, including last year's detention of 15 employees by Chinese authorities.

Opposition leader Mike Nahan has joined Premier Mark McGowan in calling for Perth Lord Mayor Lisa Scaffidi to resign, after the State Administrative Tribunal today found she had committed 45 serious breaches of the Local Government Act by not disclosing travel and accommodation gifts.

There has been a slight upswing in consumer confidence ahead of the federal budget, which may signal an improvement in the jobs market.

Heavy falls by the big four banks have helped pull Australia's share market lower in early trade with the Commonwealth Bank's trading update underwhelming and speculation the federal budget could impose bank another levy.

The Australian dollar is sharply lower against its US counterpart ahead of the federal budget.

Oil have risen amid volatile trading, bolstered by statements from major oil-producing countries suggesting that OPEC and non-OPEC supply cuts could be extended into 2018.

Gold prices have bounced off a seven-week low as safe-haven demand ebbs following pro-EU candidate Emmanuel Macron's victory in the French presidential election.

The Australian share market has snapped a four-day losing streak, after encouraging US jobs data, the election of pro-European centrist Emmanuel Macron as French president, and other factors buoyed investors.

The balancing act that allowed Australia's big four banks to lift their combined first-half cash profit to $15.6 billion is getting more precarious, analysts say.

Fairfax Media shares have jumped to a five-week high after the struggling company's board said it was considering an unsolicited $2.2 billion proposal to split up its businesses, while a reduction in television licence fees planned for the budget has boosted listed TV networks.

An inquiry will be held into the management of an Aboriginal trust that has claims to areas in Western Australia's mineral rich Pilbara region.

The Australian share market has started the session strongly with investors returning to the market in force after Emmanuel Macron's election as French president and a rebound in US jobs growth.

The Australian dollar is up against its US counterpart which has slipped despite stronger-than-expected US jobs figures.

Gold has pared its gains after data shows US job growth rebounded in April and stayed on track for its biggest weekly loss in six months as expectations for a US interest rate hike in June grew and eurozone political risk receded.

Oil prices have closed 1.5 per cent higher, rebounding from five-month lows, following positive US jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

The share market has closed lower for a fourth consecutive session on the back of sliding commodity prices with an iron ore slump weighing on the local currency.

The Reserve Bank of Australia seems content to leave interest rates on hold this year, with its growth and inflation forecasts slightly improving

Macquarie Group has lifted full-year profit 7.5 per cent to a fresh record of $2.217 billion and expects a similar performance in 2018.

The Australian Competition and Consumer Commission on Friday said in a draft decision it had decided against declaring a wholesale domestic mobile roaming service because there was insufficient evidence to show this would improve overall competition.

The Australian share market has continued its downward move in early trade, with steep losses in the mining and energy sectors offsetting a bounce in financial stocks.

Corporate Australia wants Canberra to deliver wider tax cuts for business and boost "good" spending in the federal budget next week, even as it urges the politicians to agree on a quicker path to a budget surplus.

The Australian dollar is higher against its US counterpart as the greenback is sold off.

Oil prices have plunged to five-month lows amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world's persistent glut of crude.

Gold prices have fallen to the lowest in more than six weeks, on expectations of further US interest rate increases this year and receding political uncertainty in Europe.

Qantas has forecast a better-than-expected annual underlying pre-tax profit of between $1.35 billion and $1.4 billion, the second largest in its history, on the back of the strength of its domestic operations.

The share market has fallen for a third straight session as the big banks continue to slide.

Caltex has shored up its post-Woolworths future with the competition watchdog approving its takeover of Victorian fuel retailer Milemaker Petroleum.