AAP

Gold has climbed to a three-week high as the US dollar has fallen to seven-week lows and bond yields sink on uncertainty over the economic policies of US President Donald Trump.

A former Australian Workers Union official has appeared in a Perth court over the alleged misappropriation of more than $400,000.

Almost $30 billion has been wiped from the value of the Australian share market as concerns about delays to US President Donald Trump's healthcare and tax reforms rattled Wall Street and markets around the world.

Premier Mark McGowan has urged the controversy-plagued City of Perth to not waste money on a $500,000 audit of its entire operation as his government contemplates sacking the council.

Western Australia is driving a nationwide rise in Australians who are falling behind on home loan repayments, according to a report by ratings agency Standard & Poor's.

Bankwest is shutting its corporate banking services outside of Western Australia and moving customers to its parent, Commonwealth Bank of Australia.

Premier Mark McGowan has urged the prime minister to show some backbone and change the GST carve-up, saying agreement with all other state and territories is not necessary.

Bianca Rinehart has been given the go-ahead to sue her mining-magnate mother over her handling of the family's multibillion-dollar trust.

The Australian share market is lower in early trade with investors spooked by a sharp sell-off overnight on Wall Street.

The Australian dollar is treading water against its US counterpart as the greenback falls to a six-week low against a basket of currencies but the local central bank minutes fail to shed fresh light on its likely moves.

Oil prices have fallen, with US crude dropping to its lowest since November, as concerns about new supplies overshadow the latest talk by OPEC that it was looking to extend output cuts beyond June.

Gold has rallied to the highest level in nearly three weeks after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term US interest rate rise pushs the US dollar lower.

The Reserve Bank of Australia says there is reason to believe commodity prices could rise higher than expected but is concerned about increasing risks in the housing market.

The Australian share market has closed slightly lower as falls from the major miners and the big four banks offset gains for retailers and China-exposed baby formula and vitamin makers.

Shares in cleaning and catering company Spotless Group have jumped nearly 50 per cent after infrastructure and mining services firm Downer lobbed a $1.26 billion takeover offer.

Mike Nahan has been voted in unopposed as leader of the WA Liberals after two-term premier Colin Barnett stepped down, while former sports and recreation minister Mia Davies has been voted in as leader of the WA Nationals.

Internet provider TPG Telecom has delivered strong interim financial results - thanks largely to the contribution of its iiNet operations - and has reaffirmed its underlying earnings guidance for the year.

The share market has opened lower after US stocks fell overnight on worries about delays in US President Donald Trump's plan to cut taxes and boost the economy.

The Australian dollar is slightly higher against its US counterpart ahead of the release of Reserve Bank of Australia's March meeting minutes.

Gold prices edged higher to a two-week peak on Monday as the dollar slid to a six-week low after a G20 weekend summit dominated by the US administration's protectionist stance.

Oil prices slipped on Monday, despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to grapple with worries about growing US oil output and high inventories.

The Australian dollar has managed to stay above the 77 US cents level as the US dollar weakened but the local share market is lower after an uninspiring lead from US markets on Friday.

Former WA treasurer Mike Nahan says he will rebuild the Liberal Party after their crushing election defeat and plans to speak with former premier Colin Barnett about leaving parliament.

The prime minister has challenged newly elected Western Australian Premier Mark McGowan to convince his fellow Labor leaders in other states to change the GST carve-up.

The Australian share market has opened lower as investors take cues from a slight decline on Wall Street on Friday and a watered-down free trade commitment at the G20 meeting over the weekend.

The Australian dollar is steady against its US counterpart after mixed data in the US and an uneventful G20 meeting resulted in consolidation among most currencies.

Gold rose on Friday and was on course for its first weekly gain in three as the U.S. Federal Reserve's cautious message on interest rates left the dollar around five-week lows, making bullion cheaper those holding other currencies.

Oil prices were largely steady on Friday, finishing the week with modest gains, but speculators sharply cut long positions during last week's rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang.

The major banks have driven the Australian share market higher after two of the big four increased their variable mortgage rates for investors and owner occupiers.

Westpac has followed rival National Australia Bank by raising its variable mortgage rates for owner-occupiers and investors.

Western Australian Labor leader Mark McGowan has been sworn in as the state's 30th premier at Government House.

Perth Lord Mayor Lisa Scaffidi claims there is a witch hunt going on, but insists the council is operating better than ever and a $500,000 audit should reassure ratepayers.