AAP

The High Court has dismissed Fortescue Metals Group's application to appeal a native title ruling covering its Solomon iron ore mine in Western Australia's Pilbara region.

Restrictions on visiting hours at Western Australian public hospitals aimed at slowing the spread of coronavirus will be partially eased next week.

The Australian share market has opened lower after China went ahead with a controversial national security law for Hong Kong that sets it up for renewed tension with the United States.

Gold pared gains overnight, having risen 1 per cent earlier in the session, pressured by an advance in Wall Street, but escalating tensions between the United States and China kept the bullion supported.

Oil futures rose about 2 per cent overnight as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories.

The local bourse has rallied for a third time in the past four days as a buying spree on bank stocks continued amid hopes for a V-shaped recovery.

UPDATED: Six more members of the crew on a livestock ship docked in Western Australia have tested positive to the coronavirus, bringing the total to 12.

The Reserve Bank boss has given his backing to the prime minister's post-COVID economic reform agenda, saying change is needed to help businesses expand, invest, innovate and hire people.

Optus says the full-year net profit delivered to its Singaporean parent company Singtel dropped 39 per cent to $402 million as more customers opted for SIM-only phone plans and data price competition intensified.

Australia's big four banks are enjoying another surge in early trade on the ASX, and the main indices are more than 1.5 per cent higher.

Oil futures tumbled overnight after US President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong and as some traders doubted Russia's commitment to deep production cuts.

Gold fell overnight to its lowest price in two weeks as the easing of coronavirus restrictions around the world fed optimism that the global economy could rebound.

The Australian share market has been unable to extend its rally into a third day, fading in the late afternoon to close marginally lower despite a stupendous rally by the banking sector.

Vitamin producer Blackmores has announced an equity raising of up to $117 million to strengthen its balance sheet during the coronavirus crisis, but executive director Marcus Blackmore won't be participating.

A conciliatory premier Mark McGowan has conceded he did not have the full picture yesterday when he criticised the federal government’s handling of the live sheep carrier that entered Fremantle harbour with sick crew members.

National Australia Bank has more than doubled the size of its share purchase plan offer after strong demand from its retail shareholders.

Shares have fallen by more than 1.0 per cent in early trade on the Australian market, and health stocks have slumped the most.

Oil prices rose overnight, supported by signs that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.

Gold fell by more than 1 per cent overnight as major economies further eased coronavirus-linked restrictions, fuelling hopes for economic recovery and bolstering risk appetite.

The Australian share market has enjoyed its best day in seven weeks, outperforming its Asian peers amid optimism over a gradually reopening of the world economy.

Six crew members aboard a live export ship that arrived in Fremantle last week have tested positive to COVID-19, despite being cleared by a federal department, Premier Mark McGowan said.

Shares are up by 0.9 per cent early on the ASX and the energy and property sectors are leading the way.

Gold eased overnight in holiday-thinned trade as some investors took profits, though lingering US-China tensions and extensive stimulus measures by governments worldwide limited decline.

Oil prices edged up overnight in sluggish trading with holidays in Singapore, London and New York, as rising concerns over demand recovery offset supply cuts.

The local bourse has closed at an 11-week high after soaring more than two per cent, with gains across the board.

The Master Builders Association is seeking more than $13 billion for a building and construction stimulus package which it claims will support an economic recovery, including subsidies for new home building and for rennvations.

Shares have bounced about 1.5 per cent in early trade on the Australian market with all industry sectors higher.

Oil prices have tumbled about 2 per cent on rising US-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis.

Gold prices will start the week higher after intensifying US-China tensions compounded fears of a slow recovery in a global economy already reeling from the coronavirus pandemic.

The Australian share market has closed lower, rejecting a move above 5,600 as traders turned cautious amid fresh US-China tensions.

Myer says it will reopen all of its stores, with Perth City due to reopen next Wednesday, in line with most other stores around the country, while its Karrinyup store is set to reopen next weekend once a refurbishment project is complete.

The federal government's JobKeeper wage subsidy program is now expected to cost $70 billion, only about half the original estimate of $130 billion.