AAP

Millions of low paid workers will enjoy a 5.75 per cent pay boost that will still fall shy of the rising cost of living.

A Senate budget estimates hearing in Canberra has been told $25 million in contracts with PwC are being examined for any conflicts of interest and risks.

The local share market has moved into positive territory, closing up 0.3 per cent on progress in Washington towards a deal to avoid a US default.

A fall in financial commitments for large-scale renewable generation projects could pull the plug on 2030 targets but state governments aim to fill the gap.

Some university degrees may take more than 40 years to repay according to new modelling, sentencing many graduates to a lifetime of student loan debt.

The local share market has suffered its worst day of losses in 12 weeks, falling 1.6 per cent to close at its lowest level in two months.

Reserve Bank governor Philip Lowe has used a public appearance to explain that low productivity growth, not wages, is threatening the outlook for inflation.

Shares on the ASX have finished down 0.1 per cent, with small gains for the major miners and mostly modest losses for the big banks.

The head of Treasury has told a Senate estimates hearing he cannot comment in detail on action being taken against PwC because it may impact on a police probe.

The local share market has had its best day since April 11, climbing 0.9 per cent on a possible resolution to the US debt ceiling drama.

Rental demand is fast outrunning supply and low-income households are bearing the brunt of the rental affordability crisis, analysis shows.

The Australian share market has finished up 0.2 per cent for the day, but closed the week down 1.7 per cent after losses from Monday to Thursday.

Australians are reining in their spending, although the unusually fierce start to winter weather prompted many to splash out on new warm clothes.

Swedish Trade Minister Johan Forssell says there is very strong support among European Union countries for a free trade deal with Australia.

The local share market has suffered its biggest loss since March 20 as the US debt ceiling talks drag on with no end in sight.

Tony Burke says it's unbelievable mining giant BHP has already put a dollar figure on what same job, same pay laws would cost before the legislation is written.

The local bourse has dropped 0.6 per cent to hit a five-day low as debt ceiling talks continue in the US, with no sign of an imminent resolution.

Mining bosses are confident they can supply the booming clean energy industry without making emissions worse, boosted by $2 trillion from the United States.

Australia's trade minister will meet with American and regional delegations during a trip to the United States in a bid to diversify export markets.

The local bourse has had another quiet day, with a drop in the materials sector and a rise in financials.

US stocks closed aimlessly with investors still awaiting a debt ceiling decision.

The local share market has finished down 0.2 per cent amid jitters that the United States might default on its debts as soon as June 1.

The federal government remains under pressure to ban contracts with consultancy giant PwC after the firm leaked confidential government information to clients.

The treasurer says the Albanese government has overseen the strong jobs growth during its first year but the opposition says it has failed to tame inflation.

The local share market has finished the day up 0.6 per cent, to end the week up 0.3 per cent amid optimism over US debt ceiling talks and the global economy.

Chevron Australia says venture partners - not taxpayers - will stump up the costs of getting the massive Gorgon carbon capture system up to promised levels.

Australia is hopeful more trade sanctions will be lifted from key exports following a surprise announcement from Beijing, as trade relations begin to improve.

An unexpected rise in unemployment has helped boost the local share market, as it eases fears the Reserve Bank will raise rates again next month.

New forecasts from a key housing body signal a slowdown in home building as interest rates and construction costs take a toll.

The employment minister has rejected claims a rise in minimum wages would put further pressure on inflation and interest rates.

The local bourse has fallen 0.5 per cent to close at its lowest level since May 4 amid economic uncertainty and nervousness about the US debt ceiling.

East coast gas supplies may continue to dwindle - extending bill shock - as developers and investors are spooked about the risk of more price controls.