Australian shares rises, banks defer repayments on more than 600,000 loans due to coronavirus fallout

The Australian share market has closed higher, with Macquarie Group rising strongly despite the financial group slashing its dividend, while retail stocks rallied on the Government's planned easing of coronavirus restrictions. Key points: The Australian share market closed in positive territory but off the highs of the session Retail stocks rallied as the Government revealed a three-step plan to ease restrictions Macquarie Group halved its final dividend as net profit fell more than 8 per cent The ASX 200 gained 0.5 per cent to 5,391 points, off its earlier highs, while the All Ordinaries index gained 0.7 per cent, or 38 points, to 5,488. Revenue fell by 8 per cent over the year to $US2.3 billion, due to a drop in advertising revenue at the News and Information Services division and Foxtel, as well as currency fluctuations. However, the UK central bank sees a sharp economic bounce back next year with growth of 15 per cent if lockdown restrictions are eased over the coming months. The BoE said inflation was likely to fall below 1 per cent in the next few months, half the bank's target, but that recent figures suggested demand had stabilised, albeit at very low levels.