AAP

The local bourse has gained for the fourth day this week, rising to its highest level since March 6 on a wave of optimism about the country's economic recovery.

Qantas has announced the airline and its low-cost carrier Jetstar will scale up flights on domestic and regional routes in June and July.

Shares have opened up by more than 1.0 per cent on the Australian stock market and financials have rocketed more than 3.0 per cent.

Oil ended slightly higher overnight but remained below the session's early highs of above $US40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.

Gold fell more than 2 per cent overnight as risk sentiment improved on hopes of a faster recovery from a coronavirus-driven economic slump, with investors largely overlooking civil unrest in the United States.

The Australian share market has rallied to its highest level since March 6, with gains across nearly every sector on a wave of optimism about Australia's economic prospects.

The federal government has refused an exemption to its live export ban that would have allowed 56,000 sheep to be transported to the Middle East, and they will now be sent to abattoirs in Western Australia.

Western Australia's internal economy grew 0.9 per cent in the March quarter even as Australia as a whole contracted 0.3 per cent, but those numbers mostly predate the economic impact of the COVID-19 lockdowns.

Shares on the Australian stock market have crept almost 1.0 per cent higher ahead of keenly anticipated economic growth data.

Oil prices climbed by more than $US1 a barrel overnight on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries begin to reopen after coronavirus lockdowns.

Gold retreated 1 per cent overnight as investors booked profits and Wall Street rallied on optimism over economies emerging from coronavirus-led shutdowns.

The Australian share market has closed up slightly in a mixed performance as traders digested a raft of economic news.

Bain Capital and Cyrus Capital Partners are the preferred bidders to acquire Virgin Australia, Deloitte announced this afternoon.

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of the coronavirus-driven economic downturn.

Building products manufacturer Brickworks says sales revenue in its main Australian market has dropped 10 per cent in the four months to the end of May as a result of the coronavirus pandemic.

The Australian share market has edged up into positive territory after an early dip as civil unrest in the US soured positive sentiment.

Oil futures steadied overnight as rising US-China tensions weighed on sentiment, but prices drew support from reports that OPEC and Russia were close to a deal extending output cuts.

Gold prices rose overnight supported by increasing friction between Washington and Beijing and protests in the United States over racism.

The Australian share market has ended the month with a sell-off after China went ahead with a controversial national security law for Hong Kong that sets up renewed tension with the United States.

Deloitte will settle on a final shortlist of two preferred bidders for Virgin Australia early next week after parties reaffirmed their interest.

Federal hospital funding will rise about $30 billion to be $131 billion in the next five years, while the Council of Australian Governments will be replaced by a permanent national cabinet.

The High Court has dismissed Fortescue Metals Group's application to appeal a native title ruling covering its Solomon iron ore mine in Western Australia's Pilbara region.

Restrictions on visiting hours at Western Australian public hospitals aimed at slowing the spread of coronavirus will be partially eased next week.

The Australian share market has opened lower after China went ahead with a controversial national security law for Hong Kong that sets it up for renewed tension with the United States.

Gold pared gains overnight, having risen 1 per cent earlier in the session, pressured by an advance in Wall Street, but escalating tensions between the United States and China kept the bullion supported.

Oil futures rose about 2 per cent overnight as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories.

The local bourse has rallied for a third time in the past four days as a buying spree on bank stocks continued amid hopes for a V-shaped recovery.

UPDATED: Six more members of the crew on a livestock ship docked in Western Australia have tested positive to the coronavirus, bringing the total to 12.

The Reserve Bank boss has given his backing to the prime minister's post-COVID economic reform agenda, saying change is needed to help businesses expand, invest, innovate and hire people.

Optus says the full-year net profit delivered to its Singaporean parent company Singtel dropped 39 per cent to $402 million as more customers opted for SIM-only phone plans and data price competition intensified.

Australia's big four banks are enjoying another surge in early trade on the ASX, and the main indices are more than 1.5 per cent higher.

Oil futures tumbled overnight after US President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong and as some traders doubted Russia's commitment to deep production cuts.