AAP

The company building the national broadband network, NBN Co, says the number of homes and businesses connected to the network is now 1.6 million - double the same time a year ago.

A slip in the major miners is weighing on the Australian stock market as investors digest Rio Tinto's overnight profit result and investors bid up energy and industrial stocks.

The Australian dollar is little changed against the US dollar which has been pressured by the decline in US bond yields as investors price out a March rate rise by the Federal Reserve.

Oil prices have gained slightly as investors covered short positions after a rise in US crude inventories was not as massive as many had feared, while petrol futures jumped nearly 4 per cent after a surprise decline in inventories of the fuel.

Gold has risen to a three-month peak, as political risks posed by elections in Europe and worries over US President Donald Trump's policies stoked safe haven demand.

The share market has gained ground due to strength among the big four banks, well-received earnings reports from Carsales.com and construction firm CIMIC, and a higher price for iron ore.

Rio Tinto has bounced back to profitability, reporting full-year profit of $US4.6 billion ($A6.1 billion) for 2016 on the back of a jump in iron ore prices.

The state government has urged the WA Football Commission to show common sense after it rejected $100 million in compensation over 10 years to surrender its lease on Subiaco Oval.

WA Labor says it will assess each One Nation candidate before deciding where to put them on how-to-vote cards, suggesting they won't necessarily be ranked last.

State Treasurer Mike Nahan has put his neck on the line to stop the Nationals WA's proposed mining tax, saying he will resign from the portfolio if a post-election Liberal government does a deal to lift royalties.

Construction and contract mining company CIMIC Group has flagged a boost in annual profit of up to 21 per cent in 2017 after delivering a solid rise in profits for the year just ended.

The Australian share markets has opened higher, with banks leading the way and helping to partially offset recent losses .

The Australian dollar is sharply lower against its US counterpart after the US dollar gained for a fifth straight session, rising to a more-than-one-week high.

Oil prices have fallen, pressured by sluggish demand and evidence of a burgeoning revival in US shale production that could complicate efforts by OPEC and other producers to reduce a supply glut.

Gold has slipped from a three-month peak, pressured by earlier strength in the US dollar as the euro fell on weak German industry data and nervousness ahead of the French elections.

The S&P 500 ended barely higher on Tuesday while the Nasdaq managed to scratch out a new record as gains in big tech names countered energy declines.

The share market and Australian dollar got a boost from the Reserve Bank of Australia's decision to hold rates steady, as it pointed to an expected pick-up in mining exports.

Perth Lord Mayor Lisa Scaffidi has admitted she didn't carefully fill in annual returns disclosing gifts and travel contributions, including BHP Billiton paying for her luxury accommodation and business class flights to the 2008 Beijing Olympics.

A marina in Perth's north is a sure thing after the WA Liberals pledged $105 million to its development, weeks after Labor committed $40 million to a similar project.

The Reserve Bank has held its benchmark interest rate at 1.5 per cent, saying increases in mining exports and a pick-up in consumption will support a return to reasonable economic growth after a dip in the September quarter.

Strong sales growth in Australia has lifted outdoor clothing specialist Kathmandu's expectations for its first-half profit result.

Macquarie Group remains on course for a full-year profit in line with last year's record $2.1 billion despite a reduced third-quarter contribution from its capital markets-facing businesses.

Australian shares have opened lower, with mining and energy shares weighing, following declines on Wall Street overnight.

The Australian dollar has been one of the best performers overnight and is virtually unchanged against its fellow strong currency, the US dollar.

Oil prices have fallen more than one per cent as a stronger dollar, ample US supplies and excess speculative length outweighs OPEC output cuts and rising tensions between the United States and Iran.

Gold has jumped one per cent to its highest in nearly three months as worries about the political landscape in the United States and Europe, and a subdued dollar, reinforced investor interest.

US stocks slipped on Monday, led by the energy sector as oil prices dropped, while investors awaited the next run of major earnings reports and sought further clarity on President Donald Trump's economic policies.

Fremantle council has passed a motion to support concerts raising funds to help pay the legal fees of those protesting against the Perth Freight Link project.

The Australian share market has given away early gains to close lower after poor domestic retail sales figures, underwhelming Chinese economic data and softening support for the major banks weighed upon investor sentiment.

Mobile phone retailer Allphones has closed 18 stores and made 69 people redundant after it collapsed into voluntary administration, putting at risk the jobs of hundreds more employees around Australia.

Yowie chocolates - Australia's answer to Kinder Surprise - are returning to local shops for the first time after their relaunch in the United States three years ago.

National Australia Bank has warned it will continue to face increased funding costs and competition after first-quarter unaudited cash earnings slipped about 1 per cent to $1.6 billion