AAP

Oil prices have fallen, with US crude dropping to its lowest since November, as concerns about new supplies overshadow the latest talk by OPEC that it was looking to extend output cuts beyond June.

Gold has rallied to the highest level in nearly three weeks after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term US interest rate rise pushs the US dollar lower.

The Reserve Bank of Australia says there is reason to believe commodity prices could rise higher than expected but is concerned about increasing risks in the housing market.

The Australian share market has closed slightly lower as falls from the major miners and the big four banks offset gains for retailers and China-exposed baby formula and vitamin makers.

Shares in cleaning and catering company Spotless Group have jumped nearly 50 per cent after infrastructure and mining services firm Downer lobbed a $1.26 billion takeover offer.

Mike Nahan has been voted in unopposed as leader of the WA Liberals after two-term premier Colin Barnett stepped down, while former sports and recreation minister Mia Davies has been voted in as leader of the WA Nationals.

Internet provider TPG Telecom has delivered strong interim financial results - thanks largely to the contribution of its iiNet operations - and has reaffirmed its underlying earnings guidance for the year.

The share market has opened lower after US stocks fell overnight on worries about delays in US President Donald Trump's plan to cut taxes and boost the economy.

The Australian dollar is slightly higher against its US counterpart ahead of the release of Reserve Bank of Australia's March meeting minutes.

Gold prices edged higher to a two-week peak on Monday as the dollar slid to a six-week low after a G20 weekend summit dominated by the US administration's protectionist stance.

Oil prices slipped on Monday, despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to grapple with worries about growing US oil output and high inventories.

The Australian dollar has managed to stay above the 77 US cents level as the US dollar weakened but the local share market is lower after an uninspiring lead from US markets on Friday.

Former WA treasurer Mike Nahan says he will rebuild the Liberal Party after their crushing election defeat and plans to speak with former premier Colin Barnett about leaving parliament.

The prime minister has challenged newly elected Western Australian Premier Mark McGowan to convince his fellow Labor leaders in other states to change the GST carve-up.

The Australian share market has opened lower as investors take cues from a slight decline on Wall Street on Friday and a watered-down free trade commitment at the G20 meeting over the weekend.

The Australian dollar is steady against its US counterpart after mixed data in the US and an uneventful G20 meeting resulted in consolidation among most currencies.

Gold rose on Friday and was on course for its first weekly gain in three as the U.S. Federal Reserve's cautious message on interest rates left the dollar around five-week lows, making bullion cheaper those holding other currencies.

Oil prices were largely steady on Friday, finishing the week with modest gains, but speculators sharply cut long positions during last week's rout, on concerns that an OPEC production cut was failing to reduce a global supply overhang.

The major banks have driven the Australian share market higher after two of the big four increased their variable mortgage rates for investors and owner occupiers.

Westpac has followed rival National Australia Bank by raising its variable mortgage rates for owner-occupiers and investors.

Western Australian Labor leader Mark McGowan has been sworn in as the state's 30th premier at Government House.

Perth Lord Mayor Lisa Scaffidi claims there is a witch hunt going on, but insists the council is operating better than ever and a $500,000 audit should reassure ratepayers.

The Australian share market has opened slightly higher after a soft finish on Wall Street overnight.

The Australian dollar is lower against its US counterpart despite the greenback continuing its fall begun following the Federal Reserve's quarter of a per cent interest rate lift and dropping to a five-week low.

Gold has rallied for the second straight session, climbing to its highest level in more than a week after the US central bank signalled only gradual rate tightening and the US dollar slid to its lowest in five weeks.

Oil prices have slipped, as support from a weaker US dollar was offset by US crude inventories near record high levels that again has raised concerns whether OPEC-led output cuts are starting to drain a global glut.

The Australian dollar remains just shy of US77 cents but the share market has surrendered most of its early gains in the wake of disappointing jobs figures.

National Australia Bank is hiking its standard variable mortgage rate by 0.07 percentage points for owner-occupiers, and by even more for investors.

Labor has won a landslide 41 seats in the Western Australian election, while the Liberals and the Nationals fight it out for the last undecided seat.

Mining stocks have helped push up the Australian share market, after Wall Street lifted following the US Federal Reserve's interest rate rise.

The Australian dollar has surged against its US counterpart, lifting more than a cent to close to 77 US cents, as the greenback falls following the Federal Reserve' interest rate rise.

US stocks have risen sharply after the Federal Reserve raised interest rates for the second time in three months, as expected.