AAP

The Australian dollar is back above 76 US cents after news that former Trump security adviser Michael Flynn had pleaded guilty and was prepared to testify against the US president regarding Russian involvement in the presidential election dented market sentiment.

Gold has jumped as the dollar and US stocks fell on an ABC news report that former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year's presidential election campaign.

The Australian share market has closed higher, led by the healthcare and energy sectors, while the under-pressure banks faded after an early rally as the looming royal commission weighs on the financial sector.

Lord Mayor Lisa Scaffidi has won her court appeal against 26 adverse State Administrative Tribunal findings that she breached her gift disclosure obligations and remains hopeful of returning to the post once the matter is resolved.

The Australian share market is higher in early trade, helped by strong overnight gains on Wall Street and broad-based gains in the local market.

The Australian dollar has again fallen against its US counterpart after Thursday recouping some of its previous day's losses.

Gold has dropped one per cent as upbeat sentiment on equities and positive US growth data dented the appeal of the safe-haven asset, though the metal was still stuck in its narrowest monthly range in 12 years.

Oil is mixed after OPEC members agree to extend curbs on output, though a final deal hinged on a decision by non-OPEC producers later in the day.

The Australian share market has closed lower following the shock announcement of a royal commission into the finance industry, with banks and insurers hit by the news - Commonwealth Bank and ANZ recording the biggest falls.

The dairy sector needs a mandatory code of conduct to give farmers more bargaining power and to prevent chaos like that spawned by surprise cuts to the farmgate milk price in 2016, the competition watchdog says.

Shares in oil and gas group AWE have jumped more than 20 per cent following a $430 million takeover bid from a Chinese state-owned energy corporation.

Oroton stores will operate as usual after the 79-year-old Australian luxury handbag retailer collapsed into voluntary administration.

Australian shares have opened sharply lower, weighed down by major falls across the banks after Prime Minister Malcolm Turnbull announced a royal commission into misconduct in the nation's financial sector.

The Australian dollar is lower still against a weaker US counterpart which lost gains made after Federal Reserve chair Janet Yellen spoke of continued US economic expansion and GDP was revised higher.

Gold prices have fallen, as global stocks hover near record highs making the safe-haven asset less attractive, and upbeat US growth data prompt an earlier rise in the US dollar and US Treasury yields.

Oil prices have dipped in a volatile session buffeted by conflicting statements from oil ministers a day ahead of OPEC's meeting in Vienna, as members debate the path for an extension of the group's supply-cut agreement.

Embattled MP Barry Urban has quit the WA Labor Party amid a scandal over the legitimacy of his CV, but still wants to represent the Darling Range community.

Gains by the major banks, miners and energy companies have pushed the share market's benchmark index past 6,000 points for second time this month.

The trouble-plagued and long-delayed Perth Children's Hospital will be ready for its first patients in May, more than two years after its intended opening date.

Australian shares have registered strong gains in early trade as local investors follow the cue from Wall Street, where indices hit fresh highs overnight.

The Australian dollar has fallen against its US counterpart which rebounded overnight following a mix of positive data and a confirmation hearing for US Federal Reserve chair nominee, Jerome Powell.

Oil prices have eased, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

The share market ended a day of fluctuating fortunes slightly weaker, amid falls for the heavyweight banks, miners and telcos.

BHP Billiton expects to lower costs in its Australian mining operations by a further 10 per cent, and has forecast the division will deliver $US1.6 billion ($A2.2 billion) in productivity gains over the next two years.

Weaker commodity prices have weighed on resources stocks and Telstra is losing ground but the Australian share market is slightly stronger in early trade.

The Australian dollar is hardly changed against its US counterpart which again fell in the offshore session as traders braced for the resumption of deliberations on the US tax plan and the confirmation hearing for Federal Reserve governor Jerome Powell as the central bank's next chair.

Oil prices have fallen one per cent with US crude easing from two-year highs on prospects of higher supply, and uncertainty about Russia's resolve to join in extending output cuts ahead of this week's OPEC meeting.

Gold prices have lifted, buoyed by a weaker US dollar, as investors look ahead to congressional testimony by the nominee to chair the US Federal Reserve and a meeting between US president Donald Trump and Senate Republicans on tax reform.

Shares in Downer EDI have jumped after the engineering group lifted its full-year profit because of larger-than-expected cost savings uncovered following its purchase of Spotless.

Telstra shares have sunk after NBN Co said it would temporarily suspend the National Broadband Network rollout to work on improving the quality of the service.

The Australian share market has closed slightly higher following a late burst in buying that lifted the market out of a midday trough.

Australian shares have started the week ignoring a positive lead from Wall Street and its fresh record highs, with local indexes unsettled and swinging in and out of positive territory at the opening of trade.