AAP

The Australian share market has posted a modest fall, dragged lower by a massive sell-off of Telstra shares after the telco said it would cut future dividends.

Unemployment in Western Australia is at its lowest level in more than two years, with Treasurer Ben Wyatt saying it was pleasing to see the rise in employment driven by full-time work.

Potato growers say farmers may be forced to accept a $650,000 reimbursement offer from the Western Australian government over a failed legal battle with Perth's maverick 'Spud King', despite it being less than half of what they are owed.

Earnings at supermarket giant Coles have fallen for the first time since its acquisition by Wesfarmers nine years ago, as its sales growth slowed further amid stiff competition.

Shares in Telstra have plunged to a five-year low as investors react to the telco giant's announcement it will reduce dividends as of the current financial year.

The Australian share market is trading higher after an initial opening plunge in the wake of a shock annoucement from Telstra that the telco giant will cut its future dividends.

The outperforming Australian dollar has soared almost one US cent as its counterpart has fallen after US president Donald Trump disbanded two business advisory councils and following Federal Reserve committee minutes.

Oil prices have fallen more than one per cent even though US crude stockpiles declined by the most in a year, as data suggesting domestic production was edging higher stoked worries about the global crude glut.

Gold has risen about one per cent, shaking off two days of losses, as the dollar edged lower after the release of the minutes from Federal Reserve's July meeting at which policymakers voted unanimously to keep US interest rates unchanged.

The Australian share market has closed higher on a day of mixed company earnings results, with market heavyweights Commonwealth Bank and Suncorp down as they traded ex-dividend.

Seven West Media chief executive Tim Worner has wrapped up a controversy-laden year with a pay cut as the company suffered a $744 million loss, courtesy of persistent weak ad revenues and a massive writedown on its broadcast licences.

Iluka Resources has widened its first-half loss to $81.5 million, from a $20.9 million loss in the prior corresponding period, dragged down by a $165 million hit in impairment and redundancy costs.

The Australian market has opened comfortably higher following mainly positive early earnings reports, and after Wall Street closed with its key indexes little changed.

The Australian dollar is fallen sharply against its US counterpart which has lifted on strong US data.

Oil prices have fallen, extending the prior session's heavy sell-off as the US dollar has risen more and as signs of weaker petroleum demand in China weighs the market down for a second day.

Gold has fallen nearly per cent, down for a second day after better-than-expected US economic data and easing tensions over North Korea encouraged investors to buy riskier assets, boosting stocks, the US dollar and bond yields.

The Australian share market rose as the majority of sectors enjoyed gains, though Domino's Pizza plunged after failing to meet its profit forecasts.

Oil and gas producer Santos will book an impairment charge of $US690 million ($A877 million) in its half-year results due next week after lowering its oil price forecasts.

ANZ Banking Group has reported a third-quarter cash profit of $1.79 billion, helped by strong growth in owner-occupier mortgage lending.

The Australian market has opened sharply higher as tension over North Korea ebbs, and investors are lured back to equities.

Oil prices have tumbled more than 2.5 per cent in volatile trade, as US dollar strength and weak domestic demand data in China hammered prices that had received a short-lived boost on concerns about potential reductions in crude supply from Libya.

Gold prices have fallen by half a per cent, retreating from last week's two-month highs, as US dollar strength and the easing of tensions between the United States and North Korea pushed prices lower.

The Australian share market has closed higher after weak US inflation figures dampened prospects that the US Federal Reserve and other central banks will raise interest rates later this year.

Oil and gas producer Santos has signed an agreement to supply gas to Engie's Pelican Point power station in South Australia.

Rugby WA has gained an injunction order against the ARU's decision to axe the Western Force from the Super Rugby competition.

Newcrest Mining has posted a lower-than-expected full-year profit after an earthquake at its biggest mine cut production earlier in the year.

Commonwealth Bank of Australia chief executive Ian Narev will step down by the end of June after Australia's largest bank decided to deal with speculation over his position following allegations the lender breached money laundering and terrorism-financing laws.

Electronics retailer JB Hi-Fi has reported strong sales growth for the 2017 financial year and says it expects that to continue heading into the peak Christmas trade.

Australian shares have lifted in early trade, with investors cautiously buying into beaten-down stocks after a widespread drubbing on Friday that wiped nearly $23 billion from the value of the loca

The Australian dollar is higher against its US counterpart which has eased after disappointing US inflation data.

Oil prices have risen slightly in volatile trading as the market weighed lower US crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing.

Gold prices have climbed to two-month highs, rising for the fourth straight day as investors sought refuge amid escalating tensions between North Korea and the United States, while bullion also received support from weak US inflation data.