AAP

Gold prices gained on Friday as investors bought the safe-haven metal as fears of a fresh wave of coronavirus cases added to the gloomy economic outlook from the US Federal Reserve.

The Australian share market has plunged for the second day in a row, snapping a string of six consecutive winning weeks as fears rose about a second wave of coronavirus cases in the US.

Prime Minister Scott Morrison has said lifting coronavirus restrictions will be fast-tracked to allow more people into stadiums, pubs, restaurants, weddings and funerals, while acknowledging WA may keep its border shut through July.

Finance Minister Mathias Cormann has warned a second wave of coronavirus could cost the Australian economy $80 billion over the next two years.

Western Australians homebuyers taking out Keystart loans will have their increased income limits extended for a year.

Shares have sunk about 2.5 per cent early on the Australian market as local investors pulled back following a slide on Wall Street on resurgent worries of virus infections in the US.

Oil prices tumbled by about 8 per cent a barrel overnight, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States.

Gold eased overnight as the dollar firmed but fears over a fresh wave of coronavirus infections and the US Federal Reserve's pledge to keep interest rates low kept bullion close to its highest in over a week.

The Australian share market has plunged three per cent in its worst day in six weeks, snapping a seven-day winning streak.

Alliance Aviation Services is seeking to raise up to $121.9 million to buy more jet aircraft to service additional charter customers in the mining, tourism and regional markets.

JB Hi-Fi has bumped up its full-year profit guidance following a surge in sales since March as customers forced to work from home boosted demand for home appliances and technology products.

Stocks on the Australian market have slipped by more than one per cent in early trade after a bearish outlook by the US Federal Reserve hit sentiment among local investors.

Oil rebounded from earlier losses overnight, even as US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand.

Gold rose nearly 1 per cent to a one-week high overnight after the US Federal Reserve held onto its pledge to ease the economic pain from the coronavirus pandemic, boosting bullion's safe-haven appeal.

The Australian share market has finished marginally higher in a seventh straight day of gains, ahead of a key meeting by a US Federal Reserve committee.

Online retailer Kogan.com has recorded surging sales and is raising up to $115 million through a share sale to institutional and retail investors, while electronics and furniture retailer Harvey Norman also reported its sales were up this morning.

Law firm Slater and Gordon is filing a class action against Commonwealth Bank, alleging that Australia's largest bank sold customers credit card and personal loan insurance that was worthless to them.

Shares have slipped early on the Australian share market after six consecutive days of gains.

Oil prices rose overnight, as optimism about recent commitments from major oil producers to curb production offset concerns that a resurgence in coronavirus cases could hurt fuel demand.

Gold jumped more than 1 per cent overnight as risk appetite took a back seat with cautious investors awaiting clarity on the state of the economy and further stimulus from the US Federal Reserve's policy meeting.

The local bourse has soared higher yet again, climbing for the sixth straight day as central bank stimulus poured money into the market.

Australia's unemployment rate is expected to hit eight per cent when wage subsidies, but the forecast is looking less grim as the health situation improves.

Hundreds of people have rallied outside Rio Tinto's headquarters to protest the mining giant's destruction of a significant indigenous site in Western Australia.

Wesfarmers says it is seeing significant demand growth in its Bunnings and Officeworks businesses as customers spend more time at home, amid coronavirus restrictions.

Eastern states-based fly-in, fly-out workers, who work and temporarily live in Western Australia due to COVID-19 border restrictions, are being offered incentives to permanently relocate and help boost the state's economy.

The Australian share market has jumped more than 3.0 per cent in early trade, taking the lead from strong gains on Wall Street overnight.

Gold rose overnight after the previous session's steep fall, boosted by hopes of dovish monetary policy from the US Federal Reserve.

Oil fell more than 3 per cent overnight after OPEC+ nations agreed to extend output cuts, but Saudi Arabia and two other Gulf producers said they would not maintain supplemental reductions that amount to more than a million barrels of daily supply.

The Australian share market is tipped to move into the 6,000-level following better-than-expected US jobs figures, higher commodity prices and a continued tail-off in Australian coronavirus cases.

Parents will have to pay childcare fees again from July 13 as demand grows for services and early educators will stop receiving JobKeeper payments the following week.

A wave of home-building and renovation work is the goal of a $444 million stimulus package unveiled by the state government as it seeks to pull the state economy out of a coronavirus-induced downturn.

Parents and visitors are now allowed on school grounds in Western Australia as the state government moves to lift more coronavirus restrictions.