Banks power 1.4% ASX rise on lending law backflip

Summary

• The big banks powered a 1.4% rise for the ASX 200 at Friday's open. US stocks finished higher after a wildly volatile overnight session 
• Treasurer Josh Frydenberg has 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 per cent of GDP for 2019-20 
• The Aussie dollar slipped to an overnight low of US70.16 cents - its weakest in two months - but bounced to US70.50 cents by 11am AEST