AAP

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.

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.

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.

An unexpected surge in full-time employment has driven Australia's jobless rate to a four-year low, meaning a Reserve Bank interest rate cut is now off the table, economists say.

The Australian share market has dipped in early trade ahead of local jobs figures and following a mixed lead from Wall Street.

The Australian dollar is higher against its US counterpart which has fallen amid disappointing US economic data.

Crude oil prices have slumped nearly 4 per cent to their lowest close in seven months, hit by an unexpected large build in petrol inventories and an international outlook that suggests a big increase in supply in the coming year.

Gold has turned negative after the Federal Reserve increased interest rates but was less dovish than expected following a two-day meeting, and the US dollar sharply pared its losses against a basket of major currencies.

The share market has posted a second straight day of strong gains as the major banks continue to rebound.

Perth Lord Mayor Lisa Scaffidi has admitted there are inaccuracies in her statement submitted to the State Administrative Tribunal, which is holding a hearing to determine her penalty for breaching local government laws.

The WA Industrial Relations Commission has ruled that the state's minimum wage should increase by 2.3 per cent, one week after the Fair Work Commission lifted award rates applying nationally by 3.3 perc ent.

Ten Network Holdings' newly appointed administrators have pledged to keep the business running as they decide its future, saying they are confident of either rebuilding the broadcaster's finances or finding a willing buyer.

The Australian share market has lifted to its highest level in a month in early trade, with gains in all sectors except miners following tech stock-led gains on Wall Street overnight.

The Australian dollar is lower against its US counterpart, pulling back from a multi-week high amid a sharp fall in the price of iron ore .

Oil prices have settled higher after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $US50 a barrel despite the modest recovery.

Gold has turned slightly higher, as the market awaits signals of future monetary tightening by the US Federal Reserve and a Senate panel's questioning of Attorney General Jeff Sessions about his dealings with Russian officials.

A strong performance by the big banks has helped the Australian share market post its best session since November.

The state government has bowed to public pressure and dumped plans to move Perth's only academically selective school to a high-rise city building in favour of constructing another secondary school on a park in Subiaco.