AAP

Brent crude rose nearly two per cent after hitting a four-year high on overnight as the market focused on upcoming US sanctions on Iran, while shrugging off the year's largest weekly build in US crude stockpiles and reports of higher Saudi Arabian and Russian production.

Gold eased overnight after the Italian government indicated it was open to trimming its budget deficit and debt, soothing investors' nerves and prompting a wider move back into stocks and other higher-risk assets.

Higher commodity prices have boosted local material and energy stocks, and pushed the Australian share market to close higher.

The Australian share market has edged higher at the open, boosted by the heavyweight materials sector, which lifted on improved copper and gold prices.

US stocks treaded water pressured by worries of a eurozone breakup after anti-euro comments from an Italian lawmaker.

Oil prices eased slightly after rallying for three straight sessions, but remained close to four-year highs on worries that global supplies will drop due to Washington's sanctions on Iran.

Gold hit its highest in more than a week overnight, vaulting the $US1,200 per ounce mark, as investors sought refuge in the metal after stock markets sold off due to anti-euro comments by an Italian lawmaker.

The Australian share market has closed lower, dragged down by banking and health care stocks while the Australian dollar has fallen after the Reserve Bank held the cash rate at 1.5 per cent for the 26th straight month.

The federal government expects the nation's resource and energy exports to hit a record of $252 billion in 2018-2019, buoyed by climbing prices for commodities such as natural gas and by a weaker Australian dollar.

Reserve Bank Governor Philip Lowe says Australia can expect inflation to rise, but unemployment to fall past its current six-year low of 5.3 per cent, as the central bank left the cash rate unchanged at 1.5 per cent for the 26th month in a row.

Every state and territory will be better off under a new deal on the GST, Treasurer Josh Frydenberg promises.

The Australian share market has opened flat, but rising oil and iron ore prices have lifted the energy and mining sectors, offsetting continued losses for the under-fire financials.

US stocks have advanced, led by gains in shares of technology and industrial companies, as a last-minute deal to save NAFTA as a trilateral pact raised hopes for progress in talks with other countries at the start of the fourth quarter.

Gold fell as investors favoured riskier assets after the United States and Canada salvaged NAFTA as a trilateral trade pact with Mexico, while expectations that a strong US economy would lead to higher borrowing costs also influenced sentiment.

Oil futures jumped more than $US2 a barrel, rising to levels not seen since November 2014, as US sanctions on Iran loom and a North American trade deal fosters growth.

The Australian share market has closed lower, dragged down by the financial sector after a correction to banking stocks following the release of the royal commission's interim report on Friday afternoon.

New laws guaranteeing Western Australia's GST share stays above 75 cents in the dollar will go through parliament within weeks.

The downward trend in Perth’s housing market has continued in September, with the latest CoreLogic data showing a 0.6 per cent decline in house prices for the month.

Health care is the only major sector in the green as the Australian share market opened the public holiday lower, with the big banks weighing heavily after calls to extend the banking royal commission.

Wall Street ended flat on Friday as gains by Intel, real estate companies and utilities offset a drop in Facebook after the social media network disclosed a fresh security breach.

Oil prices rose more than a percent, with Brent climbing to a four-year high, as US sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.

Gold inched higher but was on track for its longest monthly losing streak since January 1997 as the US dollar firmed against the euro after Italy's budget jitters threatened the European currency.

Treasurer Josh Frydenberg has demanded the banks and regulators fix an insidious culture of greed over honesty outlined in a scathing interim report of the Financial Services Royal Commission.

The Australian share market has closed higher after investors' worst fears over the banking royal commission's interim report were unfounded.

Telstra has refunded a total $9.3 million to more than 70,000 customers it billed without their knowledge or consent following action by the consumer watchdog.

The Australian share market has opened higher after Wall Street rallied overnight from its post-rate rise dip.

Wall Street has climbed, helped by gains in Apple, Alphabet and Facebook, as well as the US Federal Reserve's confidence in the strength of the economy after it raised rates for the third time this year.

The Australian share market has closed lower, dragged down by mining and banking stocks after commodity prices weakened and the royal commission's interim report looms.

Outgoing ABC chairman Justin Milne says he quit because the controversy around his role was putting pressure on the national broadcaster.

The Australian share market has recovered its early losses to sit flat following Wall Street's dip in the wake of the US Federal Reserve's interest rate hike.

Health stocks have helped Wall Street edge higher, although banks have slipped ahead of a widely expected interest rate hike by the US Federal Reserve.

Oil prices eased after US data showed a surprise build in domestic crude inventories, but an impending drop in Iranian exports kept Brent futures above $US80 a barrel and on track for a fifth straight quarterly gain.