AAP

The share market has lost ground as falls in the heavyweight financial, mining and health care sectors outweighed a good session for retailers.

The Reserve Bank has left the cash rate unchanged at 1.5 per cent, with the central bank remaining concerned about sluggish spending and wages growth despite an improving jobs market.

The Australian share market has fallen in early trade as the big banks remain in the doghouse with investors.

The Australian dollar is steady against a stronger greenback which lifted following the US tax reform bill's passage through the Senate.

Oil has fallen more than one per cent on on profit-taking as the market eyed signs of rising US production, though prices remained close to recent two-year highs thanks to last week's decision by OPEC and other producers to extend output cuts.

Gold prices have fallen toward the four-week lows hit last week as the US dollar has strengthened after the US Senate approved a major tax overhaul and the market looked ahead to a meeting of the Federal Reserve later this month.

Mining giant Rio Tinto has appointed former Anglo-American Plc executive Simon Thompson as its new chairman to succeed incumbent Jan du Plessis.

The Australian share market has closed steady, as regulatory risk weighed on the country's major banks and surging iron ore futures rallied the miners.

Crown Resorts will "vigorously defend" Federal Court proceedings after the casinos operator was hit with a class action alleging it did not give shareholders enough information about risks it was taking in China.

Grocery wholesaler Metcash has lifted first-half profit by 24 per cent to $92.9 million, despite a drop in sales across its supermarkets business, with WA sales hit by increased competition and soft economic conditions.

The Australian share market is slightly higher in early trade, with investors uncertain of the direction after a volatile Friday session on Wall Street.

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.

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.

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

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.