ASX soars 1.8% to post-COVID high

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.

Sheep bound for virus ship to stay in WA

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.

WA outperforms in March as Australia heads to recession

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.

Shares up 1% as ASX awaits GDP data

Shares on the Australian stock market have crept almost 1.0 per cent higher ahead of keenly anticipated economic growth data.

Morning Headlines

Sick workers control Brazil’s iron ore output

Oil up more than 3% ahead of OPEC+ meeting

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 slips as traders tip economic restart

Gold retreated 1 per cent overnight as investors booked profits and Wall Street rallied on optimism over economies emerging from coronavirus-led shutdowns.

Virgin Aust shortlist down to Bain, Cyrus

Bain Capital and Cyrus Capital Partners are the preferred bidders to acquire Virgin Australia, Deloitte announced this afternoon.

ASX edges higher after rush of data

The Australian share market has closed up slightly in a mixed performance as traders digested a raft of economic news.

RBA holds rate, economic outlook uncertain

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.

Getting back to the office

Stringent cleaning measures and discounted parking are among the initiatives rolled out to lure workers back to the CBD.

Brickworks' sales hit by virus

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.

Aust share market up, dollar rising

The Australian share market has edged up into positive territory after an early dip as civil unrest in the US soured positive sentiment.

Oil steady; possible output cuts support

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.

Morning Headlines

Iron ore boom is no silver bullet for budget

Gold firms on China standoff, US protests

Gold prices rose overnight supported by increasing friction between Washington and Beijing and protests in the United States over racism.

$131bn for hospitals, COAG reform

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.

Deloitte works to cut Virgin bidders to two

Deloitte will settle on a final shortlist of two preferred bidders for Virgin Australia early next week after parties reaffirmed their interest.

ASX slumps on US-China tensions

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.

Fortescue fails in native title appeal

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.

WA hospital visit restrictions to ease as surgeries increase

Restrictions on visiting hours at Western Australian public hospitals aimed at slowing the spread of coronavirus will be partially eased next week.