AAP

All sectors of the Australian share market have joined a broad slump, threatening an end to the ASX's seven-day winning streak.

Oil prices edged down overnight after US government data showed a surprise build in crude inventories, but futures held near their highest in almost five months as OPEC-led output cuts and sanctions on Iran tightened the supply outlook.

Gold prices slipped overnight as stock markets rallied globally on hopes the United States and China could clinch a trade deal, while a weaker US dollar limited bullion's losses.

The Australian share market has hit a six-month high, amid positive signs for the local economy and optimism on US-China trade talks.

National retail spending rose 0.8 per cent in February, beating market expectations and potentially giving the Reserve Bank some breathing room on any cut to the cash rate.

The growth forecasts underpinning the federal budget look a touch optimistic, according to economists.

The Australian share market has hit a six-month high, as investors around the world shake off fears of a global economic slowdown.

Oil prices hit their highest level so far in 2019 overnight, with Brent crude approaching $US70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.

Gold firmed overnight, recovering from a near four-week low, as US stock markets retreated, but a strong US dollar and robust economic data from the US and China eased fears of a global slowdown, capping bullion's advance.

Millions of Australian workers will get an extra $1000 back and commuters will see a decade of road and rail upgrades in the nation's first surplus budget in 12 years.

Australian shares have moved higher for a sixth straight day, as markets around the world rallied on the back of positive data from the world's two largest economies.

The Reserve Bank of Australia has kept the official cash rate at a record low of 1.5 per cent as widely expected, but most economists believe a rate cut is around the corner.

Former Commonwealth Bank chief executive Ian Narev has been appointed chief operating officer of online jobs advertiser Seek.

The driving force behind the disability royal commission says a reported fund of more than $500 million to pay for it is a win for disabled people.

Australian shares have opened higher ahead of the federal budget, following strong gains on Wall Street overnight.

Oil climbed about two per cent overnight to new 2019 highs, with Brent crude touching $US69 a barrel after positive signs for the global economy and tighter supplies drove both benchmarks' largest first-quarter gains in nearly a decade.

Gold inched lower overnight as stronger-than-expected US manufacturing data offset support from sluggish retail sales numbers while palladium surged three per cent.

Australian shares have jumped after China reported stronger-than-expected economic data - but the local bourse didn't gain as much as other Asian indices, with investors cautious a day ahead of the federal government's budget.

Western Australian Premier Mark McGowan is in Shanghai this week, spruiking the state's LNG industry.

Woolworths will close about 30 underperforming Big W stores and two distribution centres over the next three years after increasing numbers of shoppers took their business online.

Australian shares have rallied as consumer staples advance a day before the federal government releases the details of its budget.

Oil prices rose about one per cent on Friday, posting their biggest quarterly rise in a decade, as US sanctions against Iran and Venezuela as well as OPEC-led supply cuts overshadowed concerns over a slowing global economy.

Gold gained on Friday en route to its second quarterly rise as the US dollar eased on tepid US economic data, while palladium snapped three straight sessions of sharp losses, ending the quarter on a positive note.

Federal Labor will introduce its changes to negative gearing and capital gains tax by January 1 next year if the party wins the May election.

Australian shares have moved higher after a strong performance by the tech and healthcare sectors.

Palladium slumped more than seven per cent overnight, adding to the previous session's sharp slide, on concerns an economic slowdown could dent demand and as a weak technical picture pushed investors to book profits after a record run.

Oil futures were near flat overnight after recovering from the day's worst losses that came when US President Donald Trump called for OPEC to boost crude output in an effort to lower prices that were headed for their best quarterly gains in a decade.

Australian shares have bounced back with an afternoon rally that lifted every sector.

Congested roads around Perth will benefit from $1.6 billion worth of road and rail projects across Western Australia, as Scott Morrison tries to woo voters in the west.

Australian shares have moved marginally lower, with miners and utilities the only sectors of the market able to eke out gains.

Oil prices slumped overnight after government data showed US crude inventories grew more than expected last week as a Texas chemical spill hampered exports.

Palladium prices plummeted about 7 per cent overnight - the biggest daily percentage drop in more than two years - as investors worried that prices had risen too far too fast and breaks below technical levels triggered automatic selling.