AAP

The Australian share market has suffered its worst day in nearly seven weeks, with the banking and energy sectors suffering especially sharp losses.

Origin Energy has raised its full-year output guidance for its Australia Pacific LNG project, the biggest producer of liquefied natural gas in eastern Australia.

Westpac chief executive Brian Hartzer says he accepts "the need for accountability" after the country's second largest lender was accused of more than 23 million breaches of anti-money laundering and counter-terrorism financing laws.

The Australian share market has moved lower as both the mining and financial sectors lost more than 1.0 per cent.

Oil fell about 2.0 per cent overnight on concerns about excess global crude supply and limited progress toward resolving a US-China trade dispute that has clouded the outlook for oil demand.

Gold pared losses overnight to scale a one-week peak as Wall Street eased from record highs on US political uncertainties and sombre earnings while markets awaited more cues on the Federal Reserve's monetary policy.

The Australian share market has rallied and the dollar has dipped after it was revealed the Reserve Bank gave serious thought earlier this month to cutting rates for a fourth time this year.

The Reserve Bank of Australia board acknowledged there was a compelling case for cutting the cash rate to a new record low before leaving it unchanged at 0.75 per cent at this month's meeting.

Woodside Petroleum has laid out plans to triple its gas and oil reserve base which will come from more than $US36 billion worth of projects in Australia, Senegal and Myanmar over the next seven years.

CommInsure will refund more than $12 million to about 30,000 life insurance customers after pleading guilty to 87 counts of unlawfully selling policies in unsolicited phonecalls.

The Australian share market has opened marginally higher after slight gains on Wall Street overnight.

Oil prices fell more than 1.0 per cent overnight, erasing much of last week's gains and tumbling alongside US stocks on uncertainty over a trade deal between the United States and China.

Gold edged up overnight, erasing losses from earlier in the session as fresh doubts over a US-China trade deal pushed Wall Street into the red.

The Australian share market has closed lower, with every sector falling except for consumer stocks.

A senior bureaucrat accused of Western Australia's biggest public sector theft is understood to be in a critical condition in hospital after an incident at his Perth home.

Western Australia will experience a bigger police presence on its streets this summer but without more officers being hired.

National Australia Bank is looking to raise $1.4 billion through the issue of medium-term notes to help beef up its capital ahead of a regulatory deadline.

The Australian share market has been adding to its early losses despite a positive lead from Wall Street at the end of last week.

Oil futures gained nearly 2.0 per cent on Friday as comments from a top US official raised optimism for a US-China trade deal but worries about increasing crude supplies capped prices.

Gold prices slipped on Friday, on track to break a three-session winning streak as stock markets hit record highs following comments from US officials that progress was being made on the "phase one" trade agreement with the Chinese government.

Rio Tinto said it will subscribe to $326 million rights shares of Energy Resources of Australia, which has been desperately seeking funds to close and rehabilitate the controversial Ranger uranium mine.

The Australian share market has hit its highest level since late July, with gains across the board as traders bet that the country's sluggish economy will lead to another cut in the official cash rate.

UPDATED: There is evidence senior WA public servant Paul Whyte stole up to $25 million or 10 times more than he is currently charged with, a court has heard.

National Australia Bank has admitted it faces the prospect of further remediation and a huge fine for multiple possible breaches of counter terrorism and anti-money laundering laws.

The Australian share market is higher with gains across the board despite a mostly negative lead from overseas.

Oil prices were mixed overnight as US crude futures were pressured by a build in domestic inventories and record production while forecasts from the Organisation of the Petroleum Exporting Countries for a lower-than-expected oil surplus supported Brent.

Gold prices rose on Thursday as investors remained concerned about the imminence of a trade deal between the United States and China, while a slip in riskier assets and the US currency further supported the metal.

The Australian share market has risen broadly while the dollar has slumped to a one-month low after a rise in unemployment increased hopes for a fourth cash rate cut.

Wesfarmers managing director Rob Scott says the Bunnings and Kmart owner has detected a "modest improvement" in retail conditions following a lift in property prices and government tax rebates.

Western Australia has recorded the largest increase in employment of any state for the month of October, up by 6,300 people, but its unemployment rate has remained static at 5.7 per cent, according to the latest data from the Australian Bureau of Statistics.

Medibank chief executive Craig Drummond says the private health insurer's policyholder growth since the end of the last financial year is twice that of the prior corresponding period.

Nearmap shares have gained more than 16 per cent after the digital imagery company reaffirmed its guidance for this financial year.