AAP

The way GST revenue is carved up among the states needs a proper fix, rather than more "band-aids and bolt-ons", federal Treasurer Scott Morrison says, but politicians from states winning from the existing distribution are set to oppose change.

The Australian share market has started the week higher, seemingly shrugging off last week's slightly lower close on Wall Street and renewed worries over North Korea.

The Australian dollar is slightly higher against its US counterpart which ended lower on Friday.

Oil futures fell more than two per cent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.

Gold bounced up from a two-month low on Friday, on concerns stoked by a Russian report that North Korea is preparing to test a long-range missile and on support from the U.S. dollar's shift into negative territory.

The Australian share market has closed higher, boosted by the mining, energy and banking sectors, ahead of key market-moving US jobs data due overnight.

Federal minister Christian Porter has traded barbs with Transport Minister Rita Saffioti after the pair attended a press conference to promote the start of a joint Commonwealth and state funded road project.

The local share market has opened higher with the heavyweight financials, major miners, and oil and gas producers leading gains.

Oil prices have risen about 2 per cent as signs Saudi Arabia and Russia will limit production through next year pushed the US benchmark back above $US50 a barrel.

The dollar index rose to a 2-1/2-month high after data showed the US trade deficit narrowed in August as exports of goods and services rose to a more than 2-1/2-year high, while jobless claims fell more than expected.

The share market has closed flat as banks continued their recent declines, Qantas hit new highs and the the major iron ore companies managed minor gains.

Qantas shares have hit a record high after US investment bank Goldman Sachs upgraded its rating on the airline.

The share market is trading slightly higher following a positive lead from Wall Street where indexes hit fresh record highs.

The Australian dollar is a little lower against its US counterpart which has pared losses after data showed that US service sector growth had accelerated which could lead to a December interest rate rise.

Oil prices have fallen after a surprising jump in US crude exports to a record two million barrels per day fans worries about global oversupply.

Gold pared has gains as the US dollar came off its lows on strong data from the US service sector index.

The share market has fallen for a second straight session as international investors sold shares on concerns about a weaker outlook for the Australian dollar.

Injury-prone Thanasi Kokkinakis will fill the shoes left by Nick Kyrgios at this summer's Hopman Cup tennis tournament in Perth, where some of the world's top players, including Roger Federer, Alexander Zverev and Angelique Kerber will compete.

The competition watchdog has delayed its decision on BP's $1.8 billion acquisition of more than 500 service stations owned by Woolworths.

A $2.7 million upgrade to the rundown Broome Regional Prison in Western Australia will include bolstered security measures, larger recreation spaces, beds, a prisoner reception area and new women's cells.

The Australian share market has slipped in early trade, losing ground for a second straight day as investors ignored a positive finish on Wall Street.

The Australian dollar is higher after it got a boost from gains on Wall Street driven mainly by strong sales data from General Motors and Ford.

Oil prices have dipped as speculators took profits for a second day after big third-quarter gains and on concerns that higher prices might spur increased US shale production.

Gold prices have risen above a seven-week low as the US dollar came off its highs.

The share market closed weaker as all sectors outside of telcos lost ground, and the Australian dollar has fallen to a two month low.

The Reserve Bank of Australia has held the official interest rate at 1.5 per cent and maintained its forecast of a gradual improvement in economic growth in the year ahead.

Vocus Communications has appointed former M2 Group boss Vaughan Bowen and former Telstra chairman Bob Mansfield to lead a board tasked with turning around the faltering business

The Australian market has ignored a strong positive lead from Wall Street and opened lower, with insurance giant QBE helping pull down the market.

The Australian dollar has crept higher against its US counterpart, which has consolidated its gains made earlier in the London-New York session.

Oil has fallen more than $US1 a barrel as a rise in US drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years.

Gold has fallen to its lowest in nearly seven weeks as rising US Treasury yields pushes the US dollar higher while concern over violence during Catalonia's independence vote at the weekend weighed on the euro.

The Australian share market has closed higher after investors started the new quarter in a bullish mood following a positive lead from the US and encouraging economic data from China.