AAP

The Australian dollar has extended losses against its US counterpart, despite the greenback's underperformance, as the price of oil falls another two per cent.

Gold has rebounded from a five-week low as an oil price slump pushes down stock markets and a weaker US dollar makes bullion cheaper for holders of other currencies.

Oil prices have ended down more than two per cent, hitting a 10-month low in volatile trade, as growing US production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut.

About $29 billion has been wiped from the share market's value in its worst session of 2017, as lower oil prices and a souring outlook for commodities hit energy and mining stocks, and the negative sentiment infected the big banks.

Perth Lord Mayor Lisa Scaffidi has not demonstrated any insight into her wrongdoing or indicated she won't fail to disclose gifts again, the State Administrative Tribunal has heard.

AGL Energy has appointed non-executive director Graeme Hunt to take over as chairman when Jerry Maycock retires.

The Australian share market has slipped in early trade, taking the lead from a decline on Wall Street after a sharp drop in energy prices.

The Australian dollar is sharply down against its US counterpart as the greenback lifts against most currencies, except the yen and the kiwi dollar, in a lively session.

Oil prices have fallen two per cent per cent, with Brent settling at seven-month lows and US crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

Gold has inched down to a five-week low as the US dollar lifts following hawkish comments from an influential US Federal Reserve official and dovish remarks from the Bank of England governor.

The stock market has closed 0.8 per cent, or 47.9 points, lower at 5,757.3.

The ASX closed 47 points lower after shares in Australia's big four banks were hit by a long-term credit ratings cut by Moody's, due to risks associated with the local housing market.

The Australian Competition Tribunal has waved through the proposed $11 billion merger between gaming rivals Tabcorp and Tatts Group.

The Australian share market has opened in the red despite strong gains on Wall Street overnight where the Dow and the S&P 500 closed at new record highs. 

The Australian dollar is down sharply against the greenback, falling back below 75 US cents, as the US dollar gains after an influential Federal Reserve official expressed confidence that rising wages would help revive domestic inflation.

Oil prices have fallen about one per cent to a seven-month low as market players see more signs that rising crude production in the United States, Libya and Nigeria have undercut OPEC-led efforts to support the market with output curbs.

Gold has fallen to a near five-week low as the US dollar rises after hawkish comments from a top Fed official, but uncertainty created by the start of talks on the terms of Britain's departure from the European Union prevented deeper losses.

The Australian share market has lifted as the major banks made gains but investors dumped retail stocks as a major acquisition by internet giant Amazon.com in the US ignited fears for the future of local bricks-and-mortar retailers.

Fairfax Media has rebuffed an approach from a consortium including advertising entrepreneur John Singleton for its 54.5 per cent stake in Macquarie Media.

The Australian share market has opened flat following a mixed close at Wall Street overnight where shares were hit after disappointing US consumer sentiment and housing data.

The Australian dollar is higher against its US counterpart which has fallen broadly following weaker-than-forecast US housing and consumer sentiment data.

Oil prices have bounced up off the year's lows as some producers reduced exports and US rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply.

Gold was little changed on Friday as investors judged that a sell-off sparked by a rise in US interest rates this week had run its course and the dollar weakened, making bullion cheaper for holders of other currencies. 

Australian shares have ended Friday and the week ahead, as solid performances across the banking and industrial sectors softened late in the day but lifted the market beyond a weak overnight lead on Wall Street

Perth's maverick "Spud King" Tony Galati has been fined $40,000 for contempt of court after growing more potatoes than he was allowed.

BHP Billiton's chairman-elect Ken MacKenzie's top priority will be to meet as many shareholders as possible, when he takes the reins in September.

The Australian share market has resumed its upward trajectory despite weakness in the materials sector following a negative lead from overseas.

The Australian dollar has fallen sharply against its US counterpart and is back below 76 US cents after leaping on Thursday to a two-month high.

Oil prices have settled lower for a second straight day, with the market unable to rebound from Wednesday's decline on the back of a surprise build in US petrol inventories and ongoing worries about heavy global supply.

Gold has fallen to a three-week low, weighed down by a stronger US dollar as investors began to assess the potential for another US rate hike later in the year, supported by data showing a strong US jobs market.

A South Korean consortium has emerged as the likely new owner of troubled steelmaker Arrium after being chosen as the preferred bidder by the Whyalla-based company's administrators.

After two days of strong gains, the share market has dropped sharply, as investors took profits and weaker oil prices dragged down energy stocks.