[SYDNEY] Australian shares rose on Friday, recording their biggest weekly gain in six, as the country's central bank chief called for more fiscal stimulus to revive an economy facing its deepest recession in about a century.
Gold and tech stocks drove the S&P/ASX 200 index 0.6 per cent higher to 6,126.2 at the close of trade on Friday. The index gained 2 per cent this week, its best performance since early July. The Reserve Bank of Australia Governor Philip Lowe on Friday asked the government for more fiscal action to help generate jobs.
Mr Lowe said that further adjustments to monetary policy was unlikely to help at the moment, having slashed the central bank's cash rate to a record low in mid-March, but that the bank was open to it in the near future. "The key takeaway here would be that the central bank is open to adjustments and proactive about steps towards the economy's recovery," said Kyle Rodda, market analyst at IG Australia.
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