AUSTRALIAN STOCKS CLIMB: Here's what you need to know

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The ASX200 rose by 0.82% to end the week, with gains across most of the major sectors. It capped a steady week of trade which saw the local index climb by 1.6%.

The big banks all finished higher, with CBA shrugging off an early fall after announcing its response to additional money laundering allegations to finish up 0.99%.

There were also steady gains in the resources and materials sectors, with BHP closing 1.46% higher while Rio rose by 0.83%.

BHP offshoot South32 was the best performer among major mining stocks, posting a 6.05% gain.

In other notable moves, Woolworths dipped by 2.64% after announcing half-year profits today, which showed supermarket sales growth running ahead of Coles.

And listed investment fund Platinum Asset Management slumped by almost 12% after billionaire co-founder Kerr Neilson announced he will step down as CEO on June 30.

Today’s top stories:

1. Barnaby steps down: Deputy Prime Minister Barnaby Joyce announced that he will resign on Monday, following controversy around his relationship with a former staffer.

2. More home-loan restrictions: Australia’s household debt is still growing faster than incomes, and ANZ think more macro-prudential regulations could be on the way.

3. Tesla Truck: Test footage shows Tesla’s electric truck has some serious takeoff speed.

4. Aussie pay-packets: Here’s what the average Australian earns in a week. How does your job/industry compare?

5. China debt crackdown continues: Chinese authorities have taken control of a troubled insurance company, which went on a debt-fueled global buying spree.

6. Crypto hacker: A security expert has drawn attention to the fact that the website for the Los Angeles Times is unknowingly mining the cryptocurrency Monero.

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