AAP

The Australian share market has finished higher for a fourth day, setting a fresh 11-1/2-year high, despite losses in the heavyweight mining sector.

The consumer watchdog is taking Samsung to court for telling consumers that many of the four million Galaxy phones sold in Australia were water resistant, while knowing they were not.

Australian workers could receive an extra $1,000 when they lodge their tax returns from next week, after the federal government secured crossbench support for its flagship tax cut package.

The Australian share market has risen at the start of trading after stocks on Wall Street hit new highs.

Oil prices edged higher overnight ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by OPEC and allies to extend crude output cuts.

Gold steadied overnight, paring earlier gains as a rally in equities reduced the attraction of the non-yielding metal while global growth concerns and prospects for dovish monetary policy kept bullion supported.

The Australian share market has showed its resiliency, closing higher for a third day as markets across Asia slipped.

Australia's trade surplus hit a record $5.7 billion in May after a $925 million monthly rise largely on the back of iron ore exports to China.

Supermarket giant Woolworths is combining its liquor and hospitality businesses ahead of a divestment next year.

The Australian share market has opened flat despite a positive lead from Wall Street overnight.

Gold prices rose 1.5 per cent overnight, a day after posting the biggest one-day percentage fall in two and a half years, as US Treasury yields fell on worries over global growth and renewed concerns over global trade.

Oil prices fell more than four per cent overnight, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried that a slowing global economy could dent oil demand.

The Australian share market fell flat after the Reserve Bank delivered a consecutive cash rate cut, with the big four banks and mining giants pulling in opposite directions.

The Reserve Bank of Australia has cut the cash rate to a fresh record low of 1.0 per cent, reducing the cost of borrowing for two months in a row for the first time since 2012.

The Australian share market has opened higher as investors await the central bank's cash rate decision.

Oil prices pared gains overnight after worries about oversupply persisted, pulling back from an early rally as OPEC extended supply cuts until March 2020 during a meeting in Vienna.

Gold slid by as much as two per cent overnight as the US dollar rallied and investors flocked to higher-risk assets after the agreement to resume trade talks between the United States and China.

The Australian share market has closed higher but failed to make strong gains after the US and China agreed to resume trade talks over the weekend.

The Australian share market has opened higher, with almost every sector recording a positive start on the first day of the new financial year after the US and China agreed to restart trade talks.

Oil prices fell on Friday but posted their second straight week of gains ahead of widely expected production cuts from OPEC on Monday.

Gold prices held steady on Friday ahead of the weekend's G20 summit and US-China trade talks while platinum surged more than three per cent.

The Australian share market remains has dropped across the board ahead of a meeting between the US and Chinese leaders at the G20 summit in Japan.

The Western Australian government has brokered a $250 million settlement with BHP over a royalties dispute.

Oil Search has exercised a $US450 million ($A642 million) option to double its stake in a string of Alaskan exploration leases, while also affirming plans to sell off a portion of its first major venture outside Papua New Guinea.

The Australian share market has opened lower as investors await a meeting between the US and Chinese leaders at the G20 summit in Japan.

Oil prices edged higher overnight on expectations that OPEC will extend an output cut agreement while investors awaited a meeting between the United States and China that could produce a breakthrough on trade talks.

Gold steadied overnight as investors looked for further cues from trade talks between the United States and China, which bolstered risk appetite and lifted the US dollar but the metal held on to support around the key $US1,400 per ounce pivot.

The Australian share market has rebounded from early losses to close higher, driven by gains in the price of iron ore and oil.

Australia's big banks have another challenger after South Africa's Investec announced plans to open a local branch following its successful application for a local licence.

The Australian share market has opened lower despite a positive start for the mining and energy sectors.

Oil prices rose more than two per cent overnight and hit their highest in about a month, buoyed by US government data that showed a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

Gold prices dipped overnight on signals the US Federal Reserve would not make too steep a cut to interest rates next month, but still held ground above the key psychological $US1,400 level.