Australian retailers are se to face a new entrant with many South African-based brands now discovering that there is a new market near their door step, with a similar climate, time zone and consumer outlook.

Strong earnings results from reporting companies failed to stem the tide of a falling market, the big miners and the bigger banks pulling the index into the red.

Australia could record its first current account surplus since the mid-1970s this year, economists say.

Shares slide again despite big gains in QBE, Aristocrat and Lendlease after their profit reports, as waning enthusiasm for the Trump trade drags on big banks and miners.

There are several takeaways from Warren Buffett's letter to shareholders for Australian investors.