AAP

The Australian share market has closed in positive territory, with further takeover activity and a strong day for miners and banks driving the market to fresh post-GFC highs.

Australian shares have climbed higher in early trade as gains in commodities markets and a strong close on Wall Street on Friday boost local sentiment.

The Australian dollar has slipped against its stronger US counterpart as support firms for the Trump administration's tax reform bill.

Oil prices were mixed on Friday, lingering below two-year highs as the continuing outage of a North Sea pipeline gave support, while climbing US output and weak gasoline demand kept a lid on gains.

Gold prices clung to earlier gains and were poised for their first weekly gain in four weeks on Friday, withstanding pressure from strong equities markets on continued support from this week's interest rate rise by the Federal Reserve.

Australia were 2-88 at tea on the second day of the third Test against England at WACA Ground today.

The Australian share market has closed lower, driven by falls in banking and utilities stocks.

The consumer watchdog has launched federal court proceedings against Optus, alleging the telco pressured customers to move to the national broadband network sooner than required.

Shares in Crown Resorts have soared after the casino operator announced a string of asset sales that could deliver a windfall of nearly $700 million.

The Australian share market has opened lower amid widespread negative sentiment on international bourses.

The Australian dollar has extended the gains it made on better-than-expected jobs figures to be higher still against a stronger US dollar.

Gold has dipped slightly, easing off a one-week high as the US dollar rebounded following strong US retail sales data, while palladium rose to its highest since February 2001.

Oil prices have risen almost one per cent after a pipeline outage in Britain continued to support prices despite data expecting a global crude surplus in the beginning of next year.

Australia's ferocious short-ball assault and a controversial umpire's call have left England 4-175 at tea on the opening day of the third Ashes Test.

National Australia Bank says it will stop lending for new thermal coal mining projects, becoming the first major Australian bank to phase out support for the sector.

The share market has lost ground as gains for materials and energy companies were offset by falls in the utilities and property trust sectors, and the Australian dollar has been boosted by strong jobs growth.

Western Australia's unemployment rate rose to 6.6 per cent in November despite 8,500 jobs being created, while the national unemployment rate has remained unchanged even though the economy added far more jobs than expected in November.

The consumer watchdog plans to oppose the proposed takeover of Woolworths service stations by BP Australia, saying the deal would substantially lessen competition.

Australian shares are higher following cues from the US where the Federal Reserve's interest rate rise has buoyed Wall Street stocks.

Gold prices have hovered near their lowest in nearly five months as investors awaited an expected US interest rate increase and clues from the US Federal Reserve on its plans for further rises next year.

The Australian dollar is almost half a US cent higher against the greenback which has weakened after the Federal Reserve raised its interest rate, as expected, but left its outlook unchanged.

Oil prices have slipped for a second straight day, as a slump in US crude stockpiles was offset by a larger-than-forecast rise in petrol inventories and as US crude output continued to grow to record highs.

The share market has edged higher as the property sector was boosted by the $33 billion takeover of Westfield, and the consumer staples sector also rose.

Reserve Bank of Australia governor Philip Lowe thinks bitcoin is mostly attractive to criminals and speculators but has acknowledged there could one day be an electronic Aussie dollar based on similar technology.

The Australian share market is holding on to gains as investors wait on the sidelines ahead of an expected interest rate rise by the US central bank.

The Australian dollar is higher against its US counterpart which itself has risen following strong economic data.

Oil prices have fallen sharply, as traders take profits after prices surged early to a two-year high on an unplanned closure of the pipeline that carries the largest North Sea crude oil grade.

Gold prices have retreated to a near five-month low as investors brace for a widely expected US interest rate increase this week and look for clues about further rises from the Federal Reserve.

Frank Lowy's Westfield Corporation has agreed to a takeover from European property giant Unibail-Rodamco in a deal worth $US25 billion.

The share market has been buoyed by strength in the heavyweight energy and mining sectors.

ANZ has agreed to sell its life and consumer credit insurance business OnePath Life to international insurance giant Zurich for $2.85 billion.

The Australian share market is moderately stronger in early trade amid solid gains from the big miners.