AAP

Australia's big banks and financial institutions are taking years to realise they have broken the law and too long to fix problems that have left 5 million consumers out of pocket by $500 million.

The Australian share market has closed flat, with the financial sector weighing on the market and offsetting strong gains from commodity-related stocks.

Australian shares opened flat after a tumble on Wall Street overnight, but local energy shares were on a good run with oil prices surging amid a global supply standoff.

Australian shares opened flat after a tumble on Wall Street overnight, but local energy shares were on a good run with oil prices surging amid a global supply standoff.

The S&P 500 and the Dow have closed lower after new US-China trade tariffs kicked in, dampening last week's hopes for talks between the two countries, and as investors awaited an expected interest rate hike by the Federal Reserve.

Global Benchmark Brent crude has jumped more than three per cent to a four-year high above $US80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply.

Gold barely changed after the dollar dropped following remarks by the head of the European Central Bank, but then pared losses, although activity was muted ahead of a US central bank meeting this week.

Strong gains in the mining sector have lifted the Australian share market to finish the week higher as a major ratings agency upgraded its outlook on the country's credit standing and trade war worries recede.

A massive gold nugget worth at least $110,000 has been uncovered by a prospector in the northern Goldfields, weeks after Canadian gold miner RNC Minerals made an even bigger discovery near Kambalda.

Australian shares have followed Wall Street's overnight rise, with the heavyweight materials sector again driving early gains despite metals prices dropping.

Trade-sensitive industrial stocks have led the Dow Jones Industrial Average to a record closing high, the last of Wall Street's main indexes to fully regain ground since a correction that began in January.

Oil prices eased, pulling back after US President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

Gold edged up to hit its highest in nearly a week as the US dollar slumped, its safe-haven appeal lessened by reduced fears over the near-term impact of Sino-US trade tensions.

Supermarket and banking stocks have pulled the Australian share market lower, with international trade hostilities weighing on the indices.

Customers will pay more for home-branded milk at Coles and Woolworths stores with the levy to be passed on to dairy farmers gripped by drought.

Australian shares have dipped after enjoying an opening bounce, with the heavyweight materials sector again the strongest early performer.

The S&P 500 and the Dow Jones Industrials Average have risen as bank stocks gained on rising Treasury yields, while a drop in Microsoft pressured the Nasdaq.

US oil futures surged nearly two per cent as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic petrol demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.

Gold rose as the US dollar weakened, indicating investors are starting to worry about the impact of the US-China trade war on the US economy, luring some buyers back into precious metals investments.

Australian shares have closed higher, buoyed by the heavyweight mining sector following improved copper and iron ore prices overnight.

Moves are under way in Western Australia to ban online lottery betting organisations, with the state government saying it will protect Lotterywest and minimise harm to at-risk gamblers.

Ten cases of needle contaminations in strawberries are being investigated by WA Police, as the national crisis escalates.

National Australia Bank has cut executive bonuses as it continues its attempt to regain consumer trust amid the fallout of the Financial Services Royal Commission.

Australian shares have opened higher, mirroring an overnight recovery on Wall Street after the heavyweight mining sector was helped by improved copper and iron ore prices.

Wall Street has rebounded in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China.

Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Gold prices turned negative as the US dollar strengthened following news that China would retaliate against a new round of tariffs on its goods.

The Australian share market is on course for its second worst month of 2018 after the Trump administration announced additional trade tariffs on China.

A $100,000 reward is being offered by the state government for information that leads to the conviction of anyone involved in contaminating strawberries with sewing needles in Western Australia.

Kathmandu is rewarding staff after the outdoor equipment retailer's full-year profit surged almost a third to $NZ50.5 million ($46.3 million) thanks to a big jump in Australian sales.

TPG Telecom has reported a 4.6 per cent drop in full-year profit to $396.9 million after the NBN hit broadband margins and home phone revenue.

Australian shares have opened lower after US President Donald Trump announced the imposition of additional trade tariffs on China.