1. Westpac has found itself in a "scandal" after failing to report international money transfers on time, in part or at all. CEO Peter King said the 23 million breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act were acts of omission. “While the compliance failures were serious, the problems were faults of omission. There was no evidence of intentional wrongdoing," he said.

2. Australia has ended its 29 year run of economic growth, with the first quarter GDP recording an economic contraction of 0.3 per cent in the March quarter. This brings the annual growth rate down 1.4 per cent, predominantly due to COVID-19 shutdowns.

3. Germany has agreed to contribute €130 billion ($211 billion) to Europe's largest stimulus package in history, as the continent recovers from the coronavirus crisis.

4. The HomeBuilder stimulus package is expected to deliver a $15 billion economist boost by propping over one million jobs in construction and handing Australians $25,000 cash grants to build or renovate their properties.

5. Another positive day for stocks as the Dow rose 2.05% to 26,269.89, the S&P 500 jumped 1.36% to 3,122.87 and Nasdaq jumped 0.78% to 9,682.91.