The Australian share market has ended the week on another record high, despite a raft of negative economic news as three capital cities battle through COVID lockdowns.
The ASX 200 closed 0.4 per cent higher at 7,538.
That breaks a record close figure made just earlier this week.
It was also despite an announcement from the Reserve Bank today that the economy will contract in coming months, due to the Delta outbreak.
RBA governor Philip Lowe said he could not rule out economic activity contracting for six months in a row, although he thought that was "unlikely" at this stage.
There have also been estimates from economists today that Sydney could lose 300,000 jobs from its extended lockdown.
Consumer goods, real estate and the banks performed well.
The top gains included News Corp (+7.9pc) and Westfield (+5.6pc).
Webjet also gained 5.2 per cent despite the lockdowns that are stopping people from travelling nationally.
Buy now pay later darling Afterpay is still gaining after a record-breaking takeover bid from US company Square this week.
It is now up 5.5 per cent to $132.15.
On the flip side, gold miners suffered as the commodity dipped.
Perseus, Ramelius and Northern Star have also lost a few per cent each.
Australian reporting season has begun, with furniture retailer Nick Scali yesterday doubling its full-year net profit, as it continued to benefit from the COVID trend of people updating their homes.
The company's profit climbed to $84.2 million, as sales revenue rose more than 42 per cent.
The Australian dollar was buying 74 US cents.
In a note today, Westpac said despite lockdowns in Australia being extended, the dollar has held in well.
"We tend to see this as a reflection of tectonic capital flow movements," the bank said.
"Huge dividend payments coming late August and into September, which we now estimate could mean that as much as $17.5 billion of the Australian dollar will need to be bought for conversion alone."
