AAP

A rising Australian dollar should protect motorists against any nasty surprises at the pump, according to the latest research by CommSec.

The Australian share market has closed lower with heavy falls by the banks and energy companies leading the way amid widespread selling.

Western Australia has achieved the unwanted title of Australia's worst performed economy for a fourth consecutive quarter.

Newcrest Mining has posted a 2.4 per cent drop in full-year gold production driven by lower output at its Cadia mine in NSW, which was shut after an earthquake in April.

Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.

The Australian share market has opened sharply lower, dragged down by the big four banks and the energy sector on the back of a steep slump in commodity prices.

The Australian dollar has been an underperformer but is still slightly higher against its US counterpart which has fallen amid a sharp slump in oil prices.

Oil prices have slid, settling about 2.5 per cent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude.

Gold has been pushing to its biggest weekly gain in two months as a surging euro dragged the US dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

The Australian share market has closed lower as investors took profits, and the Australian dollar has retreated as Reserve Bank of Australia deputy governor Guy Debelle hosed down speculation that the RBA was moving towards hiking interest rates.

Bankwest is lifting mortgage rates for interest-only loans, following the lead from the big four banks, which already adjusted rates in an attempt to slow down riskier lending. 

Fortescue Metals Group is likely to lodge an appeal after the Federal Court recognised the Yindjibarndi people have exclusive rights over Pilbara land where the company operates the Solomon iron ore operation.

The 22-year-old disability advocate set to fill the Greens seat left vacant by Scott Ludlam has vowed to smash stereotypes and represent the interests of the young and disabled in federal parliament.

The Australian share market has opened lower with widespread losses, including falls from the heavyweight banks, miners and energy sectors.

The Australian dollar has held on to gains after it received a boost from the latest employment numbers which showed another rise in full-time employment. 

Oil settled lower in choppy trading, as nagging worries about abundant global crude supplies sank prices after an early rally boosted Brent above $50 per barrel for the first time since June 7.

Gold prices rose to a three-week high after European Central Bank President Mario Draghi said ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn, lifting the euro to a 14-month high.

Another day of strong gains by the major banks, and a rally by energy stocks, has pushed the share market higher.

Evolution Mining has lifted output and cut costs in the June quarter, helping it comfortably achieve its full-year production and cost guidance.

Energy giant Woodside Petroleum has posted a 6.6 per cent fall in second quarter production following outages at some of its facilities and lower share of pipeline gas from the North West Shelf. 

Shares in South 32 have fallen after the diversified miner's annual production of several commodities, including coal, dropped and the company missed its full-year production guidance on some of them.

The big banks and local energy companies have fuelled a strong start to trade on the Australian share market.

The Australian dollar has continued to make gains, helped by a recovery in iron ore and oil prices and as traders stay bullish ahead of employment data later on Thursday.

The major US stock indices have closed at record highs, helped partly by technology stocks, which surpassed a long-standing mark despite gains on the Dow being capped by a sharp drop in IBM shares.

Gold slipped back towards $US1,240 an ounce on Wednesday, after three straight day's of gains, as the U.S. dollar's recovered slightly from a 10-month low.

Australia's biggest banks will have to find billions of dollars of extra cash by 2020, but the new requirement does not look like being much of a problem for them.

Big gains by the major banks on softer-than-expected new capital requirements have driven the share market higher, while the Australian dollar remains at a two-year high.

BHP Billiton has met full-year production targets in its main iron ore and petroleum businesses, with a record result achieved at its Western Australian operation, but fell just short in its troubled copper business due to an extended strike at a Chilean mine.

Prime Minister Malcolm Turnbull has dismissed as "complete and utter waffle" Western Australian federal Labor MPs' submission to an inquiry into the GST.

The Australian share market has lifted in early trade on the back of a rally in financial stocks, but weakness in materials and energy stocks is expected to cap gains during the session.

The Australian dollar has held on to its two-year high against its US counterpart on the back of an upbeat assessment of the economy in the minutes of the Reserve Bank of Australia's July policy me

Oil prices rose slightly as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of an OPEC-led supply reduction pact complicated the outlook.