AAP

A businessman who orchestrated a $20 million insurance scam that involved burning down the former Western Australian headquarters of Bunnings has been sentenced to more than seven years in prison.

Rio Tinto will invest an extra $US302 million to develop its Resolution copper project in the US state of Arizona, as it looks to expands output to meet the lucrative market for new energy vehicles.

Australian shares are subdued at the dawn of a new trading week, with gains for energy companies and the big banks offset by a flat mining sector and losses for health care stocks.

Oil prices have risen one per cent as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.

Gold prices have inched lower, having posted the biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street.

Australian shares have closed higher with most sectors gaining amid a broad rally.

A former insurance broker who admitted funnelling almost $200,000 owed to clients into his own bank accounts has been sentenced to two years and nine months imprisonment.

Labor leader Bill Shorten says Department of Treasury costings showing his tax plan will cost an extra $38.7 billion a year for the next decade are wrong.

The consumer watchdog says price compare website iSelect misled customers for two years by recommending energy retailers that paid it higher commissions.

Australian shares have opened higher, with the big four banks bouncing back from losses of the previous day.

Oil prices fell overnight after sources said OPEC may raise output from July if Venezuelan and Iranian supplies fall further and prices keep rallying.

Gold prices fell more than one per cent overnight, slipping below the key $US1,300 level as robust economic data from the United States boosted the US dollar, taking the sheen off the safe-haven metal.

Australian shares have fallen, dragged down by share prices falls by the major miners and the big four banks amid dovish comments by US and European central banks.

Scott Morrison has put the economy at the centre of his pitch to voters, saying they need to keep him as prime minister because "now is not the time to turn back" to Labor, after he announced a May 18 date for the federal election.

Battling Western Australians may shift their votes from the Liberal Party of Australia to the Australia Labor Party at the looming election, wooed by Labor's policies on wage growth and penalty rates.

Australian shares have fallen as the mining and banking sectors led losses at the start of trade.

Oil futures climbed more than one per cent overnight after US data showing a deep decline in petrol stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.

Gold prices rose overnight, lifted to their highest in almost two weeks as investors fretted about the global economy and trade tensions and as the European Central Bank and the US Federal Reserve showed signs that monetary policy will remain accommodative.

The Australian share market has finished flat after a session in which the big banks gained and the miners lost ground, a reversal of recent patterns.

The global economy is slowing more than expected and a sharp downturn could require world leaders to coordinate stimulus measures, the International Monetary Fund says.

A woman who stole more than $500,000 from her employer in part to fund holidays and home renovations has been sentenced to four years in a Western Australian prison.

Seven West Media has sold its stake in Yahoo7 to communications and tech giant Verizon for $21 million and says its rebranded online news sites are already outstripping performances under the former joint venture.

Australian shares have opened lower, with energy and mining recording the steepest losses amid concerns about a slowdown in global growth.

Oil prices edged lower overnight, slipping off five-month highs after the International Monetary Fund cut its global economic growth forecasts and as the Russian government signalled it may retreat from its production-cutting deal with OPEC.

Wynn Resorts has abruptly ended talks over its $10 billion takeover proposal for Crown Resorts, blaming the Australian casino operator for revealing the potential deal too early.

Gold rose to its highest in more than a week overnight as the US dollar and equities weakened after the International Monetary Fund cut its global economic growth forecasts for the year, with increased buying by central banks lending further support.

Australian shares have closed flat, with US casino operator Wynn Resorts' $10 billion takeover offer for Crown Resorts providing most of the day's excitement.

Global miner Rio Tinto has approved the $463 million construction of the Zulti South project in South Africa, a move it says will extend the presence of its majority-owned Richards Bay Minerals in the country.

Crown Resorts shares have soared after the casino operator confirmed talks with Wynn Resorts over a $10 billion cash-and-scrip takeover proposal by the Las Vegas gambling giant.

Australian shares have opened marginally lower, with falls from the big banks offsetting a positive energy sector.

Gold rose 1 per cent overnight to briefly breach $US1,300 an ounce and remained at its highest in more than a week as the US dollar slipped and a recent equities rally paused.

Oil prices rose up to 2 per cent overnight, hitting five-month highs, on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela.