AAP

Australian shares have closed lower on Tuesday, as reports of fresh investigations into financial institutions kept investors on edge, while overall sentiment was cautious ahead of key economic data.

Reserve Bank Governor Philip Lowe says wages growth has finally "picked up a little" as the central bank left the cash rate unchanged at 1.5 per cent for the 25th month in a row.

Westpac has agreed to pay a $35 million fine after admitting to wrongly assessing people's ability to repay mortgages.

Australian shares are down at the open, with the financial sector weighing heavily on the market ahead of the Reserve Bank of Australia's cash rate decision.

Oil prices have risen, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.

Gold prices eased slightly after the US dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and other countries.

Australian shares slipped in subdued trading on Monday, as US-China trade tensions kept investors wary and the Aussie dollar came under renewed pressure from local retail data.

Perth house prices have fallen for a fourth straight month, after registering a 0.6 per cent decline in August, according to the latest data from CoreLogic.

Australian shares have opened slightly higher despite the lack of a clear lead from Wall Street, with the health care and consumer staples sectors leading the way.

Oil prices have slipped, pressured by renewed concerns that a global trade war could dent energy demand, although impending US sanctions on Iran and falling Venezuelan output limited the decline.

The S&P 500 ended flat on Friday while the Dow edged down and the Nasdaq closed higher in light trading as Canada and the US concluded trade talks without resolution ahead of the Labor Day weekend.

The Australian share market has closed lower on the last major day of the profit reporting season, dragged down by the telecommunications sector as well as the miners after a dip in iron ore prices.

Two people have been charged following an investigation by the Corruption and Crime Commission into state-owned utility Horizon Power.

Industrial manslaughter laws may be introduced in Western Australia, Premier Mark McGowan says.

Harvey Norman's full-year profit has slumped 16.4 per cent to $375.4 million due to property revaluations and the furniture and electrical goods retailer's failed dairy farming investment.

Australian shares have opened lower after falls on Wall Street overnight, with the materials sector weighing on the market following a dip in iron ore prices.

US stocks have ended their four-day winning streak as risk reduction ahead of the long holiday weekend accelerated on growing trade anxieties.

Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US inventories.

The Australian share market closed flat on Thursday, falling back from a new post-GFC intra-day high after a late slump in banking stocks.

The chief executive of a West Australian shire acted corruptly when he ensured his partner became the strategic planning manager and increased her salary by $24,000 over four years, a report has revealed.

Vodafone Australia and TPG Telecom have agreed to merge into a single $15 billion telecommunications firm in an effort to more effectively challenge telecoms giants Telstra and Optus.

Australian shares have opened higher on the back of gains in healthcare, telecoms and materials shares, and in line with a rise on Wall Street overnight.

Rates on the rise: Westpac takes first shot with interest hike

US stocks have extended their rally with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment.

Oil prices have risen more than one per cent, with Brent at its highest in seven weeks and US crude touching a three-week peak, supported by a drawdown in US crude and petrol stocks and reduced Iranian crude shipments as US sanctions deter buyers.

Rising bank stocks drove a late surge on the ASX on Wednesday after Westpac announced a hike in mortgage rates, adding to earlier gains from easing global trade tensions.

Attorney-General Christian Porter has ruled out running for the seat of Curtin if Julie Bishop decides to quit, saying the marginal seat of Pearce is his community.

An accountant who pocketed almost $1.8 million after lodging more than 100 fraudulent income tax returns has failed in a bid to have his eight-year sentence reduced.

Opposition leader Bill Shorten has promised Western Australia a legislated floor in GST payments, saying Labor is on a unity ticket with the Coalition to deliver a fairer carve-up.

Virgin Australia has reported a full-year loss of $681 million after impairments and tax adjustments, its sixth consecutive year of losses, but the airline is optimistic about delivering a statutory profit in the next half.

Australian shares have opened largely unchanged, with losses in healthcare and energy capping gains, despite a small rise on Wall Street overnight.

Oil prices have slipped as some investors take profits on recent strong gains, but losses were limited the day after a US-Mexico trade agreement eased worries about tensions between the two countries.