AAP

Motorists could end up paying more for fuel if BP's proposed $1.8 billion takeover of Woolworths petrol stations goes ahead, the competition watchdog warns.

Weaker demand for domestic flights has sent Virgin Australia to an annual loss but the airline says a recent improvement in conditions is set to continue.

Australian shares have opened higher, shrugging off the negative lead of international markets hit by concern over increased tension between the US and North Korea.

Oil prices have risen per cent higher after a report shows US refineries processed record amounts of crude in the past week, eating into inventories, although a surprise jump in petrol stockpiles limited price gains.

Gold has risen to the highest in nearly two months, after North Korea said it is considering an attack on the US Pacific territory of Guam and US President Donald Trump boasted of the strength of the American nuclear arsenal.

The Australian share market has gained ground as Commonwealth Bank's record annual profit was well received, and the Australian dollar fell sharply amid political tension and a weaker iron ore price.

The man who famously led the sea rescue of yachtsmen Tony Bullimore and Thierry Dubois 20 years ago has been employed by the state government to fight to get more defence contract work for the state.

Commonwealth Bank of Australia has reported an increase in cash profit to $9.8 billion for the 2017 financial year, while its Perth-based subsidiary, Bankwest, delivered a fall in profit as a result of increased home loan impairments.

Western Australian indigenous and community leaders are pleading with the prime minister to urgently expand cashless welfare card rollouts, releasing a graphic video depicting "war zone" conditions across the state.

Commonwealth Bank of Australia says it is buying the remaining 20 per cent stake of Aussie Homes Loans from founder John Symond.

Australian shares have opened higher as investors, pleased with the Commonwealth Bank's bigger-than-expected full-year cash profit, helped fuel a big rise in banking and mining stocks. 

The Australian dollar is lower against its US counterpart which has strengthened following a much-stronger-than expected US jobs opening report.

Oil prices have pulled back from recent gains as exports from key OPEC producers have risen and despite news of fewer shipments from Saudi Arabia.

Fortescue Metals Group is likely to join mining giant Rio Tinto in raising dividends as the price of iron ore remains elevated.

The share market has closed lower with every sector down after the miners gave up earlier gains as Chinese iron ore futures eased.

The High Court will sit in judgement over a government senator and two former Greens members regarding their eligibility to sit in parliament due to citizenship issues.

Woolworths chief executive Brad Banducci says he is outraged that some customers were billed twice because of an error made by a payments processor.

Hundreds of police officers have rallied outside state parliament, where their demands for a higher pay rise were shot down by Premier Mark McGowan.

Commonwealth Bank of Australia executives, including CEO Ian Narev, will be hit in the pocket over the bank's more than 53,000 alleged breaches of anti-money laundering and counter-terrorism financing laws.

The Australian share market has opened higher thanks to gains from the heavyweight financials and miners.

The Australian dollar is lower against its US counterpart despite the greenback's slight easing.

Oil prices have dipped as a rebound in production from Libya's largest oil field prompts selling, and investors worry about higher output from OPEC and the United States.

Gold prices are little changed, failing to gain support from a weaker US dollar as investors digest sharp losses in the previous session and worried about further US rate rises.

The Australian share market has closed higher after the embattled Commonwealth Bank regained some lost ground, prices for iron ore and oil lifted, and better-than-expected jobs data out of the US boosted Wall Street over the weekend.

Billionaire mining magnate Andrew Forrest has issued a blunt warning to the Australian Rugby Union - if you want to cut the Western Force, you are going to have to defeat him first.

Commonwealth Bank of Australia has suggested that 53,000 alleged breaches of money laundering laws listed in a case brought against it by regulators could be treated as a single matter because they all stemmed from the same IT error.

The Australian share market has opened comfortably higher, buoyed by the mining sector and mimicking strong gains on Wall Street.

The Australian dollar is virtually unchanged against its US counterpart despite the greenback getting a significant boost from surprisingly good key US jobs figures.

Oil prices rose after a strong US jobs report bolstered hopes for growing energy demand, but crude prices declined for the week, pressured by rising OPEC exports and strong US output.

Gold has fallen one per cent after better-than-expected US jobs data boosted the beleaguered dollar and potentially cleared the way for the US Federal Reserve to raise interest rates for a third time this year.

The Australian share market has closed lower with energy companies and banks leading a broader sell-off.

A tough-love rehabilitation centre for male drug and alcohol addicts in Perth's Swan Valley can stay open for the time being, after a Supreme Court ruling gave it a second chance to secure local council approval.