Australian shares have had their second worst session of August, with national airline Qantas reporting a $4 billion revenue hit from the COVID-19 crisis.
A standout profit from CSL, a gratefully-received bank dividend and optimism that a coronavirus vaccine will come to fruition have helped the share market higher.
BHP and Westpac have shown the scars of the coronavirus pandemic as reporting season continued but investors stayed optimistic and the ASX closed higher.
Australia's share market has had its best week since July 3 as the first busy week of a COVID-hit earnings season failed to dampen investor confidence.
Shares have closed slightly lower on the Australian market after Commonwealth Bank's virus-hit full-year result was a rare blight on the financial sector.
Wage increases have shrunk to their lowest level in over two decades and economists fear the worst is yet to come as the coronavirus fuels unemployment.
Australia's share market has finished the week higher by 1.3 per cent and above 6,000 points, after earlier gains outweighed today's session which closed lower.
Prime Minister Scott Morrison says tighter coronavirus restrictions in Victoria will lead to as many as 400,000 people losing their job or seeing their hours reduced to zero and a 10 per cent national jobless rate by year's end.
