AAP

National Australia Bank is scrapping its overhauled executive pay structure in response to an overwhelming first strike in which more than 80 per cent of shareholders voted against it.

The nation's banking regulator says it will remove a cap on interest-only loans for residential property, on the grounds that the measure had reached its objective of curbing higher-risk lending practices.

Australian shares have edged lower in early trade as an overnight oil price slump sends energy stocks plummeting.

Gold firmed near a one-week high as investors cast doubts over the pace of interest rate hikes next year by the US Federal Reserve which kicked off its two-day meeting earlier in the day.

The benchmark S&P 500 stock index has ended little changed in a choppy trading session on Tuesday as the possibility of a partial US government shutdown raised investor jitters ahead of a highly anticipated meeting of the Federal Reserve.

Oil prices tumbled more than five per cent overnight, falling for the third straight session as the market grappled with reports that US supply would continue to surge even if demand weakens as global growth deteriorates, which many expect.

Losses across the board dragged the Australian share market lower, with energy stocks weighing the heaviest amid looming interest rate hikes in the US and tumbling oil prices.

After being "bashed" for nine miserable months on the field and off it, Australia have defeated India by 146 runs in Perth to celebrate their first Test win under Tim Paine and Justin Langer.

AGL has appointed former chief financial officer Brett Redman as chief executive on a permanent basis.

Australian shares have tumbled amid wider global uncertainty, diving into the red during a bleak open to the session.

Gold has risen as a slide in the US dollar makes bullion more attractive for holders of other currencies, while some investors have taken cover as stocks globally slipped into the red ahead of the US Federal Reserve's two-day policy meeting.

Oil prices fell about one per cent overnight on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand.

Wall Street’s major indices have slid more than two per cent, with the benchmark S&P 500 closing at its lowest level in 14 months, on concerns of slowing economic growth before a decision from the Federal Reserve this week on the course of interest rate hikes.

The Australian share market has closed higher after an afternoon rally led by the materials sector.

India have crashed to 2-15 after being set a target of 287 runs to win the second Test and take an unassailable 2-0 series lead in Perth, where a demonic pitch has Australia's quicks licking their lips on day four.

BHP is handing back the last of the $US5.2 billion from the sale of its onshore US assets through a special dividend.

Australian shares are flat at the start of a new trading week with early losses for the big banks cancelling out gains for mining and utilities stocks.

Wall Street's three major indexes tumbled and the Dow confirmed a correction as weak data from China and Europe stoked fears of a global economic slowdown.

Oil prices have dropped about two per cent, weighed down by falling US stock markets, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.

Gold has fallen to its lowest in over a week and was on track to mark its biggest weekly decline in more than a month, as the dollar climbed on robust US economic data ahead of a US Federal Reserve meeting next week.

The Australian share market lost more than one per cent, with financial stocks weighing heavily as renewed fears about a global growth slowdown gripped investors pessimistic about dour economic data from China.

Australia's openers made a mockery of pre-match expectations before India's four-pronged pace attack fought back to reduce the hosts to 3-145 at tea on day one of the second Test in Perth.

Wesfarmers has appointed mergers and acquisitions expert Mike Roche to its board as it seeks out fresh opportunities, after offloading Coles and exiting the UK hardware market.

Commonwealth Bank has signed up to Apple Pay, ending ANZ's long run as the only big four bank in Australia to offer the service.

Australian shares are down at the open, with the heavyweight financial sector dragging and supermarkets Coles and Woolworths also losing ground.

Oil prices climbed one per cent overnight after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought.

Gold eased to its lowest level in nearly one week overnight as the dollar rose and investors latched on to gains in global stocks, while palladium touched record highs on expectations of higher demand for the auto-catalyst metal.

Banking and mining stocks have lifted the Australian share market higher, but gains were limited by a slump from the telco sector after the competition watchdog raised concerns over TPG's planned merger with Vodafone Australia.

Investors have shunned Vodafone Australia and TPG Telecom after the competition watchdog raised concerns that their merger into a $15 billion telco giant could mean higher mobile prices for consumers.

The Australian share market has opened higher but telco stocks are keeping the gains in check after the competition watchdog raised concerns over TPG Telecom's planned merger with Vodafone Australia.

Oil prices have risen, bolstered by export cuts from Libya and planned OPEC-led production cuts, pulling back briefly after the United States reported a smaller-than-expected crude inventory drawdown.

Gold prices edged higher as the dollar slipped overnight and expectations for the number of US interest rate hikes next year dimmed, increasing the appeal of non-interest yielding bullion.