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Banks have propelled Australia’s share market more than one per cent higher on Friday and the bourse had its best week in the past six.

The federal government’s plans to relax credit laws so that people can more easily obtain loans helped some banks finish more than six per cent higher.

The S&P/ASX200 benchmark index closed higher by 89 points, or 1.51 per cent, to 5964.9 points on Friday.

The index closed 1.71 per cent higher for the week.

The All Ordinaries index finished the last session better by 84 points, or 1.39 per cent, to 6140.5.

The Australian dollar was buying 70.60 US cents at 1626 AEST, higher from 70.35 US cents after the close of trade on Thursday.