As it happened: Best week in six as banks rise on lending law backflip

Summary

• The big banks powered a 1.5% gain for the ASX 200 on Friday. The Big Four added about $15 billion to the local bourse
• Treasurer Josh Frydenberg unveiled plans to overhaul the laws governing mortgages, personal loans, credit cards and payday lending to streamline decisions on whether customers can afford loans
• The federal government has also revealed its biggest deficit on record $85.3 billion or 4.3% of GDP for 2019-20 
• The ASX easily outperformed the Asian sector. US futures were up 0.2% at about 5pm AEST