AAP

Oil prices rose 4.5 per cent a barrel overnight to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Gold prices recouped losses to rise more than one per cent overnight as the US dollar slid after US Federal Reserve Chairman Jerome Powell fanned expectations of an interest rate cut, citing risks to the US economy.

The Australian share market has closed higher as every sector except for the miners rallied ahead of highly anticipated testimony by the US Federal Reserve chairman Jerome Powell.

National Australia Bank could face class action proceedings over excess superannuation fees levied by its wealth arm.

The federal government has signed a memorandum of understanding to invest $6 million in Western Australia's space industry so the state can play a significant role in the broader national expansion plan.

The Australian share market has jumped at the start of trade as almost every sector joined an early rally.

Oil futures rose overnight as Middle East tensions and OPEC supply cuts kept global benchmark Brent crude above $US64 a barrel, while gains were limited by the US-China trade dispute that has dragged on the global economy and crimped oil demand.

Gold edged up overnight after falling to a one-week low earlier in the session as investors used the drop in prices to buy the yellow metal, with bullion holding a key technical level.

The Australian share market has closed down for a second day as banks and tech stocks dragged on the market.

Another worker has been hurt at the trouble-plagued Forrestfield Airport rail link project in Perth.

The big four banks will have longer than expected to raise extra capital to absorb potential losses after the prudential regulator amended its proposed framework for minimising the fallout from failed institutions.

The Australian share market has opened flat as the big miners and the major banks pulled in opposite directions.

Oil prices steadied overnight as tensions over Iran's nuclear program countered concerns about whether slowing global economic growth would hit oil demand.

Gold prices edged lower overnight as increasing expectations that the US Federal Reserve will not aggressively cut interest rates later this month boosted the US dollar, making gold expensive for holders of other currencies.

The Australian share market has suffered its worst day in five weeks following a trade row between Japan and South Korea and concerns that the US won't deliver on interest rate cuts.

Deutsche Bank has confirmed plans to wind down its Australian equities division as part of a global restructure, but is yet to comment on overall job losses across local operations.

The Queensland government, mining industry and unions will hold urgent crisis talks after six deaths in the state's resources sector this year.

The Australian share market has opened lower, with the heavyweight mining sector leading losses.

Oil futures rose on Friday as tensions over Iran and an extension to output cuts by OPEC and its allies boosted prices, but mixed economic data limited the rally.

Gold slid as much as two per cent on Friday and was set for its first weekly fall in seven weeks after data showed US. jobs growth rebounded strongly in June, which lowered the likelihood of an interest rate cut by the Federal Reserve this month.

The Australian share market has finished the week up two per cent, after posting gains every day of an entire week for the first time since October.

APRA has told lenders they can immediately change the way they assess customers' ability to meet mortgage repayments in Australia's new low-interest paradigm.

The Australian Labor Party is about to lose its national secretary Noah Carroll, as the party rebuilds following its shock federal election loss.

The Australian share market is flat at the start of trade with the mining sector down and no overnight lead from the US, where markets were closed for the July 4 holiday.

Oil prices fell in thin trade overnight, weighed down by data showing a smaller-than-expected draw on US crude stockpiles and worries about the global economy.

Gold prices eased overnight as investors locked in profits before this week's US non-farm payrolls data and as a rally in stock markets briefly halted the metal's recent strong run.

The Australian share market has finished higher for a fourth day, setting a fresh 11-1/2-year high, despite losses in the heavyweight mining sector.

The consumer watchdog is taking Samsung to court for telling consumers that many of the four million Galaxy phones sold in Australia were water resistant, while knowing they were not.

Australian workers could receive an extra $1,000 when they lodge their tax returns from next week, after the federal government secured crossbench support for its flagship tax cut package.

The Australian share market has risen at the start of trading after stocks on Wall Street hit new highs.

Oil prices edged higher overnight ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by OPEC and allies to extend crude output cuts.

Gold steadied overnight, paring earlier gains as a rally in equities reduced the attraction of the non-yielding metal while global growth concerns and prospects for dovish monetary policy kept bullion supported.