AAP

Anthony Albanese could soon be elected unopposed as the new Labor leader after challenger Chris Bowen pulled out of the race.

Some financial institutions may face additional capital requirements after the prudential regulator said many show the same weak risk-assessment capabilities it found last year at the Commonwealth Bank of Australia.

The Australian share market has had a choppy open and dipped into the red as the banking sector dropped after two days of strong gains.

Oil futures were steady as the prospect of mounting US-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.

Gold prices have dropped to the lowest in more than two weeks, as the dollar strengthened along with equities and other riskier assets ahead of the US Federal Reserve's release of minutes from its latest meeting.

The Australian share market has recouped early losses to finish higher for a fifth day, setting a fresh 11 1/2 year high following a strong performance by banks and property shares.

Australia's tax agency says it can retrospectively deliver tax cuts if the coalition's proposal doesn't pass through parliament before the end of the financial year.

The Reserve Bank of Australia looks likely to cut the cash rate in June after Governor Philip Lowe said board members would discuss the move at their next monthly meeting.

Clive Palmer's estranged Chinese joint venture partner has largely lost an appeal over royalties from their massive iron ore project in Western Australia's Pilbara.

Shadow treasurer Chris Bowen is running for the position of Labor leader, putting him in contest with colleague Anthony Albanese.

Oil prices rose to multi-week highs overnight before easing later in the session as OPEC indicated it was likely to maintain production cuts that have helped boost prices this year.

Gold steadied overnight after recovering slightly from a more than two-week low hit earlier in the session, as equity markets fell ahead of the US Federal Reserve's release of minutes from its last meeting.

The Australian sharemarket has roared higher, posting its best day in 15 weeks following the coalition's surprise federal election victory.

Tanya Plibersek has announced she will not contest the Labor leadership, despite being backed by Julia Gillard and Bill Shorten, leaving Anthony Albanese as the only declared candidate.

Banking stocks have surged as investors react to the coalition's federal election win, driving the Australian share market higher.

Oil prices edged lower on Friday due to demand fears amid a stand-off in Chinese-US trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions in Middle East shipments due to US-Iran political tensions.

Gold prices on Friday slipped to their lowest in two weeks as the US dollar advanced on the back of strong US economic data, putting the metal on track for its biggest weekly decline in a month.

The Australian share market has risen on the last trading day before the federal election despite the heavyweight financial sector dropping out of the broad rally.

Virgin Australia expects to report a full-year underlying earnings loss of at least $35.6 million and has warned that weaker domestic demand could push that out further.

Brazilian iron ore miner Vale SA has told prosecutors in the state of Minas Gerais that a dam is at risk of rupturing at its Gongo Soco mine, about 65km from the site of its Brumadinho dam collapse that killed more than 230 people.

With one day left before Australians go to the polls, the country is mourning the death of its most successful Labor prime minister, Bob Hawke.

The Australian share market has hit an 11-year high after mining and tech shares surged in early trade.

Oil futures were up more than one per cent overnight as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes on the Yemeni capital in retaliation for recent attacks on its crude infrastructure.

Gold was headed for its biggest one-day percentage decline in a month overnight as the US dollar gained and investors opted for riskier assets on the back of robust US economic data even as the US-China trade concerns linger.

The Australian share market has recovered from early weakness to finish higher, with every sector rising except banking as Westpac traded ex-dividend.

Commonwealth Bank-owned Bankwest is slashing its three-year owner-occupier mortgage rate as lenders chase an ever decreasing number of suitable home loan customers.

Western Australia’s unemployment rate was up a further 0.1 per cent in April, as 2,000 more people started looking for work.

The Australian share market has opened higher, led by energy sector.

Oil futures inched up overnight as the prospect of mounting tensions in the Middle East hitting global supplies overshadowed an unexpected build in US crude inventories.

Gold steadied on Wednesday as share markets rose but concerns about global economic growth and the US-China trade fight kept the metal supported near a one-month peak.

The Australian share market has bounced back, recouping some of the losses from the previous day amid hopes that a deal was still within reach amid the US-China trade war.

The Israel Securities Authority says Israel may expand its dual-listing arrangements to include Australia as it tries to connect with more foreign markets and draw investors to recover trading volumes lost a decade ago.