AAP

Vocus Group shares have jumped nearly 25 per cent after the internet provider opened its books to EQT Infrastructure's $3.3 billion takeover proposal.

Scott Morrison says he has high expectations for his new ministry, with Western Australians Christian Porter, Linda Reynolds and Ken Wyatt among those to be promoted.

The Australian share market has opened flat despite strong gains for the major mining companies.

Gold steadied on Friday after rising more than one per cent in the previous session en route to a weekly gain, propped up by a weaker US dollar and expectations for a US interest rate cut, offsetting pressure from a rebound in equities.

Oil prices climbed more than one per cent on Friday ahead of long US and UK holiday weekends but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.

The Australian share market has finished lower after the price of oil plunged, sending energy stocks into a tailspin.

Fungi that draws gold from its surroundings has been discovered in Western Australia, stunning scientists who say it could signal new deposits.

The Australian share market has opened lower after energy stocks plunged.

Oil prices plunged overnight, losing about fiver per cent as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.

Gold prices jumped one per cent overnight as the US dollar pulled back from a two-year peak scaled earlier in the session and global equities and US Treasury yields slid on escalating US-China trade tensions.

The Australian share market has closed lower for the first time in seven days following losses by the mining, energy and financial sectors.

More than 34,000 square kilometres of Western Australia's Kimberley region will receive native title recognition by the Federal Court following three separate determinations this week.

Oil prices fell about 2 per cent overnight as an unexpected build in US crude inventories compounded investor worries that a trade fight between the US and China could dent crude demand over the long haul.

Gold was little changed overnight after the minutes from the latest US Federal Reserve meeting were released, but the precious metal was trading above the two-week low hit in the last session as stock markets slid on fresh trade tensions.

The Australian share market has posted gains for a sixth consecutive day, setting another 11-year high.

BHP Group is looking to add more oil, copper, and nickel resources to its portfolio, while souring on energy coal because it thinks the fossil fuel will be phased out, "potentially sooner than expected".

Anthony Albanese could soon be elected unopposed as the new Labor leader after challenger Chris Bowen pulled out of the race.

Some financial institutions may face additional capital requirements after the prudential regulator said many show the same weak risk-assessment capabilities it found last year at the Commonwealth Bank of Australia.

The Australian share market has had a choppy open and dipped into the red as the banking sector dropped after two days of strong gains.

Oil futures were steady as the prospect of mounting US-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.

Gold prices have dropped to the lowest in more than two weeks, as the dollar strengthened along with equities and other riskier assets ahead of the US Federal Reserve's release of minutes from its latest meeting.

The Australian share market has recouped early losses to finish higher for a fifth day, setting a fresh 11 1/2 year high following a strong performance by banks and property shares.

Australia's tax agency says it can retrospectively deliver tax cuts if the coalition's proposal doesn't pass through parliament before the end of the financial year.

The Reserve Bank of Australia looks likely to cut the cash rate in June after Governor Philip Lowe said board members would discuss the move at their next monthly meeting.

Clive Palmer's estranged Chinese joint venture partner has largely lost an appeal over royalties from their massive iron ore project in Western Australia's Pilbara.

Shadow treasurer Chris Bowen is running for the position of Labor leader, putting him in contest with colleague Anthony Albanese.

Oil prices rose to multi-week highs overnight before easing later in the session as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year.

Gold steadied overnight after recovering slightly from a more than two-week low hit earlier in the session, as equity markets fell ahead of the US Federal Reserve's release of minutes from its last meeting.

The Australian sharemarket has roared higher, posting its best day in 15 weeks following the coalition's surprise federal election victory.

Tanya Plibersek has announced she will not contest the Labor leadership, despite being backed by Julia Gillard and Bill Shorten, leaving Anthony Albanese as the only declared candidate.

Banking stocks have surged as investors react to the coalition's federal election win, driving the Australian share market higher.

Gold prices on Friday slipped to their lowest in two weeks as the US dollar advanced on the back of strong US economic data, putting the metal on track for its biggest weekly decline in a month.