The Australian share market has rallied to its highest level since March 6, with gains across nearly every sector on a wave of optimism about Australia's economic prospects.
The federal government has refused an exemption to its live export ban that would have allowed 56,000 sheep to be transported to the Middle East, and they will now be sent to abattoirs in Western Australia.
Western Australia's internal economy grew 0.9 per cent in the March quarter even as Australia as a whole contracted 0.3 per cent, but those numbers mostly predate the economic impact of the COVID-19 lockdowns.
Oil prices climbed by more than $US1 a barrel overnight on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries begin to reopen after coronavirus lockdowns.
Gold retreated 1 per cent overnight as investors booked profits and Wall Street rallied on optimism over economies emerging from coronavirus-led shutdowns.
The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of the coronavirus-driven economic downturn.
Building products manufacturer Brickworks says sales revenue in its main Australian market has dropped 10 per cent in the four months to the end of May as a result of the coronavirus pandemic.
Oil futures steadied overnight as rising US-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts.
Federal hospital funding will rise about $30 billion to be $131 billion in the next five years, while the Council of Australian Governments will be replaced by a permanent national cabinet.
The Australian share market has ended the month with a sell-off after China went ahead with a controversial national security law for Hong Kong that sets up renewed tension with the United States.
The High Court has dismissed Fortescue Metals Group's application to appeal a native title ruling covering its Solomon iron ore mine in Western Australia's Pilbara region.
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