The Australian sharemarket rose for a fourth consecutive week despite banks and miners leading the index lower on Friday.

The S&P/ASX200 Index fell 35.3 points, or 0.5 per cent, to 6601.1 points on Friday. The index rose 1 per cent for the week, with local stocks on their longest winning streak since June.

The rally is being driven by the combination of fiscal and monetary stimulus and hopes for progress on a vaccine.

Blue chips paced the decline on Friday, with Commnwealth Bank down 0.5 per cent and BHP losing 1.3 per cent. Wesfarmers gained 0.1 per cent and CSL fell 1.3 per cent.

Treasury Wine Estates was a big loser as China looks set to raise tariffs after it found Australian winemakers had dumped product in the country. TWE shares 11.3 per cent before being halted.

Bega Cheese rallied 8.9 per cent as it resumed trading after completing a $284 million institutional capital raising to help fund its $534 million acquisition of Lion Dairy & Drinks.

The best performers over the week included Platinum Asset Management (up 14.8 per cent), Whitehaven Coal (up 14 per cent) and Pendal (up 13.5 per cent).

The worst performers included Virgin Money (down 12.6 per cent), Megaport (down 9.7 per cent) and Northern Star Resources (down 8.4 per cent).