The lessons of the banking royal commission apply equally to companies outside the finance sector, underlining the need for all businesses to consider non-financial risks, the corporate watchdog says.

As banks feel the fallout from the Hayne royal commission, deputy chairman of Australian Securities and Investments Commission (ASIC) Daniel Crennan on Friday said all corporate businesses must be aware of a "societal shift" in public expectations of higher standards of conduct.

"The mandate of the royal commission was limited to financial services, but the philosophical underpinning of that analysis and the recommendations that arose from that analysis equally applies to all corporate activity," Mr Crennan said at ASIC's annual conference in Sydney.

Clancy Yeates has the full story here.

ANZ Bank will have to hold more capital for "operational risk" in its New Zealand business, after the nation's central bank censured the lender due a "persistent failure" in certain controls. The bank said the issue was caused by an error, which it regrets.

The RBNZ, which is also discussing raising capital requirements for all NZ banks, on Friday said its censure would increase ANZ's minimum capital for operational risk by 60 per cent, to $760 million, because it was revoking ANZ's accreditation to model its own capital in this area.

In NZ and in Australia, the largest banks are allowed to model how much capital - a buffer for absorbing losses - they hold because they have more advanced risk management systems.

"ANZ's directors have attested to compliance despite the approved model not being used since 2014. The fact that this issue was not identified for so long highlights a persistent weakness with ANZ's assurance process," RBNZ deputy governor Geoff Bascand said.

Australian shares are sitting just shy of an 11-year high after soaring close to 6,400 points this morning.

The S&P/ASX 200 Index is up 55.2 points, or 0.9 per cent, to 6383.

BHP Group is leading the market up 1.7 per cent, CSL has risen 2 per cent and Woolworths is up 1.8 per cent.

NRW Holdings has risen 11.8 per cent, Bravura Solutions is up 6.8 per cent and Appen has risen 5.2 per cent.

Coffee production in Indonesia, the world's third-largest grower of robusta beans favoured by instant drinks makers like Nestle, will probably climb to the largest in four years in 2019, boosting global supplies and potentially further reducing costs for caffeine addicts.

Farmers in the Southeast Asian country may harvest 11.5 million bags, or 690,000 metric tonnes, in coming months, according to the median of estimates from four traders compiled by Bloomberg. That's an increase of more than 5 per cent from last year, data from the US Department of Agriculture show.

"The weather was supportive" for cherry development, Hutama Sugandhi, chairman of the Indonesia Coffee Exporters Association, said in a phone interview on Wednesday. Modest rainfall last year provided sufficient water for crops to produce good quality beans, he said. The harvest began in April and will peak in June or July, Sugandhi said.

Read the full story here.

Australia's dollar is under siege from the election, a trade war and a faltering economy.

Nomura Holdings advocates a short position ahead of Saturday's general election. QIC has advised pension-fund clients to sell the Aussie against the dollar and yen, while AMP Capital is equally pessimistic. The currency has declined around 1.8 per cent this month to under 70 US cents, the worst performer among Group-of-10 peers, as optimism that trade frictions will be resolved evaporated.

"For the short term things are looking quite bearish on the Aussie," said Janu Chan, senior economist at St. George Bank.

"The environment of uncertainty around trade is unhelpful - and I see it falling to perhaps below 68 US cents in the short term."

Read the full story here.

NAB has changed its cash rate call, saying it expects the Reserve Bank of Australia to cut as early as June and follow with another cut in August.

"We have changed our view on the cash rate, bringing forward the timing of forecast rate cuts to start in June," said NAB chief economist Alan Oster.

"Previously, we had forecast the RBA to cut the cash rate by 25 basis points in July and again in November, taking the cash rate to 1 per cent. We now expect the RBA to cut at the 4 June Board meeting and again in August. We also see a risk that the RBA delivers additional policy stimulus by early 2020, either by cutting again or opting for an alternative policy measure.

"Yesterday's labour force data provided further evidence that the economy is weaker than the RBA had expected. The unemployment rate has risen from an eight-year low of 4.9 per cent in February to 5.2 per cent in April. Although employment has remained strong, other measures point to increased spare capacity over recent months, while forward indicators of the demand for labour have turned down, except for the less timely ABS job vacancies series."

Virgin Australia has warned its annual underlying earnings will plunge into the red, falling more than $100 million because of higher fuel costs and weakening demand for its flights.

The profit warnings comes just less than three months after Paul Scurrah succeeded John Borghetti as the airline's chief executive.

"Our business needs to become more resilient to challenges such as weaker demand, high fuel prices and the foreign exchange environment," the former DP World Australia boss said.

"There is a lot of work being done to develop our new strategy that will help position the group for long term success."

Australian shares have hit an 11-year high at the opening of trade this morning.

The S&P/ASX 200 Index rose 60.4 points, or 1 per cent, to 6388.2 inside the first 20 minutes of trade.

BHP Group led the gains, up 1.4 per cent, CSL has risen 1.6 per cent and Rio Tinto is up 2 per cent.

NRW Holdings has climbed 8 per cent, Graincorp is up 4.9 per cent and Bravura Solutions has firmed 4.5 per cent.

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The Australian sharemarket is set for a strong start this morning as Wall Street kept the good times rolling with gains for the third-straight day, writes Kyle Rodda.

Global stocks have maintained their bounce. It's looking more like a market that is searching for it's next high now, as price action, from a technical perspective, suggests the recent wave-lower is over.

Hence, from here, considering trade-war risks, and therefore anxiety in the market, remains high, the matter becomes whether stock indices are preparing to pop in a new higher-high, or whether what we will see is a new lower-high. The result of that simple binary will inform market participants what the broader trend is in the market: are we still trending higher, or are we seeing the start of a trend reversal?

Read the full 8@eight here.

Here are the overnight market highlights:

ASX futures up 47 points or 0.7% at 7.45am AEST
AUD -0.5% to 68.92 US cents
On Wall St at 4pm: Dow +0.8% S&P 500 +0.9% Nasdaq +1%
In New York: BHP +1.2% Rio +2.6% Atlassian +2.9%
In Europe: Stoxx 50+1.6% FTSE +0.8% CAC +1.4% DAX +1.7%
Spot gold -0.8% to $US1286.29 an ounce at 1.30pm New York time
Brent crude +1.5% to $US72.86 a barrel
US oil +1.5% to $US62.93 a barrel
Iron ore +2.3% to $US99.21 a tonne
Dalian iron ore +2.7% to 689 yuan
LME aluminium +0.3% to $US1860 a tonne
LME copper +0.2% to $US6100 a tonne
2-year yield: US 2.29% Australia 1.22%
5-year yield: US 2.17% Australia 1.26%
10-year yield: US 2.39% Australia 1.64% Germany -0.1%
10-year US/Australia yield gap near 7.45am AEST: 75 basis points