Trade on the Australian share market is expected to open fairly flat ahead of the federal government's impending budget update as the market eyes the number of COVID-19 cases in Victoria.
The benchmark S&P/ASX200 index finished Friday up 22.7 points, or 0.38 per cent, at 6033.60 points after drifting lower earlier in the session.
The index was up 1.9 per cent for the week.
The All Ordinaries index closed 21.9 points, or 0.36 per cent higher, at 6144.90.
However, Wall Street was "pretty mixed" on Friday night with the Dow Jones falling 62 points and the S&P 500 rising 0.3 per cent, AMP Capital's chief economist Shane Oliver said.
With European stocks also down slightly, the mixed read from international markets left trade on the ASX200 futures contract "basically flat" - up about two points or less than 0.1 per cent, Dr Oliver said.
"So looks like we'll open pretty flattish tomorrow," he told AAP on Sunday.
A speech by Reserve Bank governor Philip Lowe on Tuesday will be closely watched in terms of what is said about the economy, followed on Wednesday by the release of preliminary retail sales figures for June by the Australian Bureau of Statistics, he said.
Federal treasurer Josh Frydenberg is then due to deliver an economic and fiscal update on Thursday which will be the main focus for the week, Dr Oliver said.
The update "will provide some guidance as to the impact on budget deficits, which are going to be huge," he said.
"We're probably looking at a budget deficit this financial year of about $200 billion, which is a record, and that's been made necessary by the coronavirus' hit to the economy.
"But the problems in Victoria means they'll probably have to do more.
"So we'll be looking to see whether the government extends JobKeeper, which they probably will, what they do in terms of the increased amount paid under JobSeeker, and probably they'll announce other initiatives as well.
"(The update is) probably going to indicate the government will continue to do whatever it can to support the economy."
The market is looking fairly closely at the number of COVID-19 cases.
"(We're) hoping that the numbers in Melbourne will head down given the lockdown was announced more than a week ago now and also hoping that it doesn't spread to NSW," Dr Oliver said.
Victorian authorities are cautiously optimistic stage three restrictions are working after just 217 cases on Saturday compared to 428 on Friday.
At its peak on Friday the Aussie dollar was buying 69.92 US cents, and if there are more stimulus measures announced on Thursday, this might be pushed through the 70 cents level, Dr Oliver said.
Internationally, the Purchasing Managers' Index business surveys will be released on Friday for the US, Europe and Australia.
"They'll give us some guidance as to how economies globally are tracking," Dr Oliver said.
"Obviously the Australian indicator will be watched to see the impact of the renewed lockdown in Melbourne."