Driven by an increase in bets on monetary policy easing upon slower-than-predicted domestic growth data, Australian shares reached an all-time high on Friday.

The surge was led by heavyweight financials.

The S&P/ASX 200 index (ASX: AXJO) increased 0.7% to conclude at 7,820.8 points by 1221 GMT, making this the third session in a row of gains.

The benchmark even touched a record high of 7,825.1 points earlier in the session.

It is set to finish the week with a second consecutive weekly gain, currently standing at a 1.2% rise.

Earlier in the week, the country’s gross domestic product data restored hopes that the Reserve Bank of Australia (RBA) might commence interest rate cuts later this year.

The RBA is scheduled to meet on March 19 to announce the country’s cash rate.

Financials are up 1.3% to their highest level in 16 years and are set to gain for the fifteenth consecutive week.

The Big Four banks experienced gains ranging from 0.6% to 1.3%.

National Australia Bank (ASX:NAB) and Westpac Banking Corp are projected for the ninth and seventh weeks of gains, respectively.

Meanwhile, the country’s top lender, the Commonwealth Bank of Australia, touched a record high, and the fourth largest lender, ANZ Group, attained a 5.5-year high.

Energy stocks grew by 0.6%, with Woodside Energy enhancing by 0.2%.

Gold stocks and Northern Star Resources are set for their best week since November 11, 2022.

On the other hand, miners depreciated by 0.1%, with the world’s largest miner, BHP Group, falling 0.3% in ex-dividend trading.

Tech stocks reached over a two-year high, following gains in Wall Street, rising up to 1.2%.

The sub-index is set for the sixth consecutive week of gains.

The New Zealand benchmark S&P/NZX 50 index rose 0.3% or 39.1 points to 11,843.29.

National Australia Bank (ASX:NAB), one of the Big Four banks, is a multinational banking and financial services organization headquartered in Melbourne, Australia.