Australian shares rose for a seventh consecutive week, pushing the ASX above the 5400-point barrier that had long been a stumbling block to the index and bringing the market to levels last seen in August 2015.

The S&P/ASX200 lifted 0.3 per cent on Friday and 1 per cent for the week to 5405.9 while the broader All Ordinaries gained 0.3 per cent on Friday and 1 per cent for the week to 5469.7.