AAP

International flights arriving in Australia will be halved to ease the pressure on hotel quarantine systems around the country.

Shares on the ASX have slipped early after Wall Street investors worried about the impact of renewed lockdowns in some US states due to surging coronavirus cases.

Oil prices fell about $US1 a barrel overnight as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption.

Gold prices retreated overnight, a day after vaulting to nearly nine-year highs, as investors embraced the safe-haven greenback in the face of record US coronavirus cases.

The Australian share market has finished higher, propelled by solid gains by Afterpay as well as gold prices hitting their highest levels in nearly nine years.

Western Australia will tighten its border with the east coast from midnight as coronavirus cases continue to grow in Victoria, which reported 165 new infections overnight.

Engineering company Worley has bought out Spanish urban transport company Ferrovial's half-stake in TW Power Services for $20 million, acquiring complete ownership.

Shares have gained more than half a per cent early on the ASX after a strong lead from US markets on hopes of economic recovery.

Oil prices settled higher overnight as US gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.

Gold soared past the technical $US1,800 threshold overnight, scaling its highest since September 2011, as investors bolted for safety from the novel coronavirus and central banks poured in powerful stimulus to cushion its economic fallout.

The Australian share market has suffered its worst drop in nearly two weeks amid worries about rising virus cases in Victoria and overseas and following a drop in US markets.

Australia will reduce the number of international flights entering the country to ease pressure on hotel quarantine amid Melbourne's coronavirus outbreak.

Alumina Limited says its joint venture with aluminium giant Alcoa has been assessed $212 million in back taxes over historical alumina sales to a government-operated aluminium plant in Bahrain.

Scott Morrison has confirmed there will be a further phase of income support once coronavirus welfare programs expire in September.

Aussie Home Loans recorded a 90 per cent year-on-year increase in Western Australian home loan inquiries in June, following federal and state government housing stimulus packages.

Oil prices settled little changed overnight as demand concerns due to a new surge in coronavirus cases overshadowed US government forecasts for lower production.

Gold bounced back overnight, within a striking distance of the key $US1,800 per ounce level, as a sharp jump in COVID-19 cases boosted hopes for more accommodative monetary policy measures and demand for the safe-haven metal.

The Australian share market has closed flat despite strong overseas leads as traders ponder the impact of a sharp rise in new coronavirus cases in the country's second-most populous state.

International arrivals into Western Australia are being capped at 525 people each week to avoid straining the state's COVID-19 hotel quarantining system.

The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of recovery after the coronavirus-driven economic downturn.

E-commerce provider Afterpay is raising $800 million in a share sale as it looks to invest in growing sales and expand into new markets.

Engineering contractor Downer has been awarded contracts worth $420 million to maintain roads in South Australia's Metropolitan Zone and Regional North Zone.

Shares have gained about 1.0 per cent early in trade on the Australian market after solid gains on Wall Street overnight following a rebound in US services industry activity.

Oil futures ended largely steady overnight as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices.

Gold overnight edged towards a near 8-year high hit last week as a spike in coronavirus cases kept safety demand elevated, although robust equities and positive US services sector data limited the metal's advance.

Hopes of a sellout 60,000 crowd for the July 19 western derby is under threat after the state government announced it is considering delaying the relaxation in COVID-19 restrictions.

Premier Mark McGowan has written to the prime minister urging the federal government to withdraw its support for Clive Palmer's Federal Court challenge against the state's border closures.

The Australian share market has snapped its four-day winning streak, bypassed by broader gains in the Asia-Pacific region including a big rally in China.

Qantas and Afterpay are partnering in a project that will allow Afterpay customers to earn Qantas Points on their purchases using the buy now, pay later platform.

Federal parliament has a new member, while one its most senior figures has announced he is leaving.

Australia's recycling industry is on the brink of an overhaul as the federal government hopes to create more than 10,000 jobs through a $190 million fund.

Cinema and hotel operator Event says a majority of its cinemas in Australia and New Zealand have now reopened after being closed since March due to COVID-19 restrictions.