AAP

New BHP Billiton chairman Ken MacKenzie has backed his chief executive's performance and cautioned activist shareholders that the board will ultimately determine the company's direction.

The Australian share market has started lower with a dip in oil prices weighing on the local energy sector, as Wall Street closed flat after a dip in technology shares.

The Australian dollar has gained yet more ground against the US dollar after a drop in the local unemployment rate.

The share market has for a second consecutive day fallen back after breaking through 5,900 points, as significant falls by the big miners almost outweighed gains in most other market sectors.

The consumer watchdog has succeeded in having unfair terms from the standard contract of a major waste management company – which set up shop in Western Australia last year - binned, in the first enforcement of new laws designed to protect small businesses.

Westpac is refunding about $65 million to 200,000 customers who did not receive discounts on insurance and other products to which they were entitled.

South32 shares have dipped after the diversified miner warned it may be facing cost pressures from rising raw material input costs and a weaker US dollar.

Western Australian public servants have accepted a two-year pay deal with the state government, despite it breaking a pre-election promise for a 1.5 per cent a year deal.

Energy giant Woodside Petroleum has posted a fall in third-quarter production following scheduled maintenance and a lower share of pipeline gas from the North West Shelf.

The Australian share market has opened higher, with weakness in mining stocks tempering strength in financials and a strong lead-in from a record overnight close on Wall Street.

Oil prices settled slightly higher on Wednesday, with Brent touching three-week highs and then retreating after a surprising drop in U.S. refining rates and an unexpected build in fuel stocks signaled slower demand in the world's top oil consumer.

Gold fell for a third straight session on Wednesday on pressure from the U.S. dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk.

Premier Mark McGowan says he is hopeful negotiations with the AFL on its move to the new Perth Stadium for the 2018 season will be complete by the end of the week.

The share market's recent run of gains has stalled due to weakness among telcos and miners and heavy falls from Crown Resorts and Lendlease.

Crown Resorts has rejected claims by whistleblowers tabled in federal parliament alleging the casinos operator deliberately tampered with poker machines to increase losses for gamblers.

Mining giant Rio Tinto and two top former executives have been charged with fraud by US market regulators for allegedly inflating the value of an African coal business that cost the company a $2.9 billion write-down.

BHP Billiton has reaffirmed its full-year production guidance for all its commodities despite posting softer quarterly production for iron ore and copper.

Australians shares have started marginally higher, as investors tread cautiously following falls in mining stocks and news that Rio Tinto has been charged with fraud.

Oil prices ended little changed on Tuesday, steadying after earlier gains and losses, as expectations of high US production and exports offset concerns that fighting between Iraqi and Kurdish forces could threaten the country's crude output.

Gold prices fell to a one-week low on Tuesday on speculation that the eventual successor to US Federal Reserve Chair Janet Yellen will favour higher interest rates.

The Western Australian opposition will not block the Labor government's proposed payroll tax increase, despite describing it as a broken election promise and predictions it will cost over 1,300 jobs.

Rising commodity and energy prices have powered mining and energy stocks and lifted the Australian share market to its highest level since May.

Telstra says competition in the telecommunications sector remains tough and concedes it will probably lose customers to smaller rival TPG Telecom when the market newcomer establishes its own mobile phone network.

Western Australian Energy Minister Ben Wyatt has opened the door for a potential state-based renewables target after the federal government confirmed a major change in energy policy today.

Rio Tinto says it lifted third quarter iron ore shipments from its Pilbara operations by slightly more than expected on the back of an improvement in rail capacity and performance.

ANZ Banking Group will sell its superannuation and some financial planning businesses to financial services group IOOF for $975 million as it continues to weigh how best to offload life insurance.

The Australian share market has opened higher following the lead from Wall Street, where major stock indices rose overnight, with the local market now at its highest level since May.

The Australian dollar has retreated slightly against its US counterpart, despite little major news flow.

Crude prices have risen one per cent as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC's second-largest producer.

Gold has turned lower, pressured by profit-taking after extending gains above the $US1,300 mark to a three-week high amid ongoing tensions over Iran and North Korea as well as recent weak US economic data.

Strong prices for iron ore and growing global economic strength have helped propel the Australian share market to a five-month high.

Retail veteran Solomon Lew is urging Myer to prove its recent claims that the department store chain's fortunes are turning around.