AAP

Premier Mark McGowan has accused Clive Palmer of seeking to enter Western Australia so he can promote hydroxychloroquine as a coronavirus cure.

Investors sold off the big banks for the second consecutive session as Melbourne braced for a six-week hard lockdown.

The Australian share market has suffered its worst day in five weeks, falling alongside overseas indices after a record contraction in the US economy.

All workers at BHP's Perth headquarters will be able to return to the office full-time from Monday.

Clive Palmer's federal government-aided challenge to Western Australia's tough border stance is wrapping up in the Federal Court as the prime minister repeatedly tips the state will lose.

Electricity and gas retailer Origin Energy's fourth-quarter revenue from its share in the Australia Pacific LNG (APLNG) project has fallen 5.2 per cent.

Western Australian emergency service workers will benefit from $15 million worth of infrastructure upgrades and expansions.

Oil prices sank overnight following poor US economic figures and after US President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.

Gold prices dipped overnight as investors holding short positions took profits after nine straight sessions of gains, although the outlook remained bullish with prices hovering near a record peak.

Western Australia's COVID-19 hotel quarantine system is again under scrutiny as the federal government continues to heap pressure on the state over its border closure.

The Australian share market has broken its two-day losing streak, with the gains making up for Tuesday's and Wednesday's losses.

Home building approvals have fallen to an eight-year low in June, as the housing sector struggles to recover from the coronavirus pandemic.

Oil prices rose overnight after a steep drop in US crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

Gold prices gained in volatile trade overnight, nearing the last session's record peak at one point, after the US Federal Reserve vowed to keep interest rates near zero as the rapid rise in coronavirus cases dampens hopes for an economic recovery.

The Morrison government is considering providing paid pandemic leave to workers in a bid to curb deadly coronavirus outbreaks.

The Australian share market has closed lower as investors wait for a crucial meeting of the US Federal Reserve.

Rio Tinto's first-half profit fell four per cent, as coronavirus-driven disruptions spurred a drop in copper shipments and overshadowed the impact of higher iron ore prices.

Prime Minister Scott Morrison says it's likely the Western Australian government will lose Clive Palmer's court challenge to the state's tough border stance.

Industrial services provider Downer has been awarded $324 million in contracts with the likes of BHP, Santos and Wesfarmers across the electricity, oil, gas and industrial sectors.

Oil prices fell overnight as US lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide.

Gold gained overnight as US Federal Reserve policymakers began a meeting that is expected to provide more monetary stimulus to support the coronavirus-hit American economy, though bullion pulled back from an all-time high reached earlier.

Thousands of university staff jobs could have been saved if the government had not cut the sector out of JobKeeper wage subsidies.

The Australian share market has given up its early gains to close lower, despite gold prices surging to a fresh all-time high.

Premier Mark McGowan has doubled down on his government's all-or-nothing hard border arrangements.

Refund point operators and processors taking part in Western Australia's container deposit scheme will receive more than $830,000 to help with financial hardship caused by COVID-19.

Oil prices rose overnight on hopes that stimulus efforts will help revitalise the US economy, but the gains were capped by rising coronavirus cases and tensions between Washington and Beijing.

Gold stormed to a record high overnight as investors sought refuge from the possible hit to a pandemic-stricken global economy from an escalation in the US-China spat, which pummelled the US dollar.

The Australian share market has edged higher as investors await direction from Wall Street ahead of a busy week of economic data.

Fund manager Perpetual Limited has agreed to buy a 75 per cent stake in US-based investment management business Barrow, Hanley, Mewhinney & Strauss LLC for $US319 million.

Oil prices rose on Friday, lifted by some supportive economic data, but tensions between the United States and China limited gains.

Safe-haven gold pierced the $US1,900 per ounce ceiling on Friday for the first time since 2011 as a worsening US-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.

The ASX has dropped, continuing its see-saw action, following a slide on Wall Street as US deaths topped 1,100 for a third straight day.