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The Australian share market is up after Australia's second largest bank, Westpac, announced a big rise in earnings and signs the US economy is strengthening.

Continued growth of the Pilbara as an export-focused iron ore province received a huge boost today when Chinese steel giant Baosteel and Australian railway operator Aurizon teamed up to bid for the Perth company behind a $6 billion port and rail project.

Australia's second-largest bank Westpac has lifted its first half cash profit to a record to $3.77 billion despite tighter margins.

Gold has closed at a three-week high as worries about escalating violence in Ukraine bolstered investor demand for the haven asset.

The Australian dollar has regained ground following losses on the back of stronger-than-expected US jobs figures.

US stocks have finished higher for the week, even with intensifying concerns over Ukraine partially offsetting positive sentiment from some strong economic reports and accelerating Wall Street deal-making.

New home sales continued to strengthen during the March quarter, according to the Housing Industry Association.

Telecommunications firm ZipTel has signed a marketing deal with Zhenya Tsvetnenko's Mpire Media to promote the former's ZipT smartphone application in more than 120 countries.

In this week's edition of Business News Background, head of content Mark Pownall and news editor Mark Beyer discuss the future of Western Australia's tertiary education sector, Nigel Satterley's critical assessment of the apartment market, the latest data on Perth's expensive land prices, and what we can learn from Houston, the Commission of Audit, the latest instalment in the Padbury Mining saga, and the opening of Perth's first Rolls Royce showroom.

The Australian share market has closed slightly higher as investors wait on the release of important jobs numbers in the US.

Recently-appointed transport minister Dean Nalder has flagged the possibility of delaying the amalgamation of regional port authorities, just two months before the merged authorities were due to start operating.

Andrew Forrest's Minderoo Group has emerged as the surprise buyer of the state's largest beef processor, Harvey Beef, quashing speculation that the company would be sold to Chinese interests.

Australians born from 1965 will have to wait until they turn 70 before being eligible for the age pension, federal Treasurer Joe Hockey has confirmed.

Influential property developer Nigel Satterley has warned Perth's apartment market is in danger of overheating, with excess supply a danger for investors buying off-the-plan.

Indigenous businesses are pushing for an increased emphasis on making the sector more sustainable in the wake of another significant native title settlement.

The NSW and WA governments should follow through on commitments to make lobbyists fully accountable.

Myer boss Bernie Brookes says the department store giant is prepared for a potential drop off in consumer spending following this year's federal budget.

Investment bank Macquarie Group says strengthening global market conditions have helped boost its annual profit and expects further improvements from its business to come.

The vast majority of the late Paul Ramsay's $3.3 billion controlling stake in Ramsay Health Care will be transferred to his personal charitable foundation, the company has announced.

The Australian share market has opened flat as cautious traders wait for the release of key employment figures in the US.

Shares in junior explorer Padbury Mining have plunged as the company resumed trade and revealed details of its short-lived $US6.47 billion ($6.89 billion) equity funding deal to construct a port and rail network at Oakajee.

The Australian dollar is under pressure as talk of possible tax hikes in the government's budget fuels expectations that interest rates will stay on hold for longer.

Geoff Gallop says Labor got sucked into the political view only the Liberals could be trusted with the economy.

Oil prices have slipped helped by more abundant supplies thanks to high US production and the boost to exports in Libya.

US stocks have finished mixed after a busy day of economic data releases ahead of Friday's closely-watched monthly jobs report.

Western Australian public servants unhappy with a pay offer say they are seriously considering holding a 24-hour state-wide strike.

Mining giant Rio Tinto is suing Brazilian miner Vale and an Israeli company over the rights to develop the massive Simandou iron ore deposit in Guinea.

Brierty and three Aboriginal contracting firms have won a $300 million contract with Rio Tinto to complete mining and civil works on a project in the Pilbara.

The share market has fallen as weaker commodity prices and concerns that banks may be over-priced caused falls in the heavyweight sectors.

The Federal Government's commission of audit has outlined 86 recommendations aimed at saving the budget up to $70 billion annually, with pensions, Medicare benefits, tax concessions and public service jobs all in the firing line.

Perth's residential housing market gained traction in April as dwelling prices increased following a sluggish start to the year.

If prices for iron ore, coal, oil and gold are falling, which they are, how long before the Australian dollar follows?