Australian shares were flat with a positive bias at Friday's close, amid the US and China's one-year tariff truce.

The S&P/ASX 200 was little changed to close at 8,881.9.

Trump said the US now has access to China's rare earths and the differences between the countries have been settled, Bloomberg reported.

China has agreed to wait for a year before implementing broad export controls on critical minerals, while the US agreed to postpone the expansion of its export blacklist, the report added.

"The announcement was in line with expectations and had very little impact on markets," said Ashwin Clarke, Senior Economist at Commonwealth Bank of Australia (ASX:CBA).

On the domestic front, producer prices excluding exports increased 1% in the September quarter, following a 0.7% rise in the June quarter, according to data from the Australian Bureau of Statistics.

Australia's total credit rose 0.6% month on month in September, matching August's growth, data from the Reserve Bank of Australia showed.

In company news, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said a net after-tax charge of AU$1.11 billion would impact its fiscal second-half statutory and cash profit

ResMed (ASX:RMD) reported Friday fiscal first-quarter non-GAAP earnings of $2.55 per share, up from $2.20 a year earlier. Shares of the company rose 2% at market close.

Lastly, Mayne Pharma Group (ASX:MYX) said Cosette Pharmaceuticals, which proposed to acquire the firm via a scheme of arrangement, received a letter from Treasurer Jim Chalmers stating that he is considering whether he should make orders prohibiting the proposed acquisition. Shares of the company fell past 31% at market close and earlier hit a 52-week low.