AAP

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.

The Australian share market has opened slightly higher after a soft finish on Wall Street overnight.

The Australian dollar is lower against its US counterpart despite the greenback continuing its fall begun following the Federal Reserve's quarter of a per cent interest rate lift and dropping to a five-week low.

Gold has rallied for the second straight session, climbing to its highest level in more than a week after the US central bank signalled only gradual rate tightening and the US dollar slid to its lowest in five weeks.

Oil prices have slipped, as support from a weaker US dollar was offset by US crude inventories near record high levels that again has raised concerns whether OPEC-led output cuts are starting to drain a global glut.

The Australian dollar remains just shy of US77 cents but the share market has surrendered most of its early gains in the wake of disappointing jobs figures.

National Australia Bank is hiking its standard variable mortgage rate by 0.07 percentage points for owner-occupiers, and by even more for investors.

Labor has won a landslide 41 seats in the Western Australian election, while the Liberals and the Nationals fight it out for the last undecided seat.

Mining stocks have helped push up the Australian share market, after Wall Street lifted following the US Federal Reserve's interest rate rise.

The Australian dollar has surged against its US counterpart, lifting more than a cent to close to 77 US cents, as the greenback falls following the Federal Reserve' interest rate rise.

Oil prices have climbed for the first time in more than a week on a surprise drawdown in US crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts could create a crude deficit in the first half of 2017.

US stocks have risen sharply after the Federal Reserve raised interest rates for the second time in three months, as expected.

Spot gold has rallied more than 1.5 per cent to a one-week high, as the US Federal Reserve calls for gradual monetary tightening after raising interest rates by an expected 25 basis points.

Australian cricket has lost first-class experience after WA skipper Adam Voges, who was one of this year's 40under40 winners, retired from the domestic ranks today.

The share market has staged a late recovery to close in positive territory for a second consecutive session, with the heavyweight mining sector the key area of strength.

The head of the consumer watchdog says some large companies are deliberately trying to deceive customers and that the effects are widespread.

Australian shares are trading lower, with investors cautious ahead of a divisive Dutch election and an expected US interest rate rise.

Oil has tumbled after OPEC reports a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have now erased nearly all gains since OPEC announced production cuts in November.

The Australian dollar is little changed against its US counterpart despite the greenback lifting ahead of the Federal Reserve's decision on whether it will raise its interest rate this month.

Gold prices are little changed as an expected US interest rate rise boosts the US dollar and weighs on the precious metal, but political risks in Europe provide safe-haven support.