Overseas markets were boosted after US jobs figures exceeded expectations and investors took a more positive view of the European Central Bank's stance on the European debt crisis.
Positive employment data sent US stocks up for a fourth week, giving the Dow Jones Industrial Average index its longest rally since October.
Investors also took a more upbeat view of the European Central Bank's bond-buying plans after initially being disappointed when ECB President Mario Draghi failed to provide a concrete rescue plan to ease the eurozone's debt crisis.
Friday saw US and European shares rally hard, reversing the falls seen on Thursday as US jobs data surprised on the upside and investors came to a more positive view of the ECB's plans for buying bonds in trouble countries, In Europe, investors appear to be coming around to a more rational and positive understanding of what the ECB is moving towards doing.
It comes ahead of the Reserve Bank of Australia's board meeting and interest rate decision tomorrow.
Economists say the rate is almost certain to be left unchanged at 3.5 per cent after a rebound in retail and housing official figures last week showed retail sales increased 1 per cent in June to $21.5 billion. It was the biggest increase for any month since April last year.
Separate figures from the Australian Bureau of Statistics last week showed that the number of houses and flats approved for construction in June jumped 2.5 per cent, compared with May.
We believe the RBA will come to the view that, with employment growth relatively soft and inflation well contained, the economy can afford to grow a little more quickly, "We therefore expect it will ease rates modestly further by the end of the year, but not before October.
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