Moving ahead there are a few releases to watch out for in the lead up to Christmas with the Reserve Bank Board minutes to be released on Tuesday, weekly payroll jobs and wages on Wednesday and private sector credit on Thursday.

Looking ahead for the Australian dollar the unemployment data on Thursday and business and consumer confidence numbers early in the week will be setting the tone for rest of the week.

Investors are currently in shoot first and asking questions later until more is known about the new variant, the investors are also nervous about whether we will even get a Christmas rally.

Both APRA and the Reserve Bank of Australia will remain cautious before undertaking any measures that may tighten the condition of the economy any further.

Westpac shares were dumped in large numbers after it reported high expenses and full-year results missed targets.

While the interest rate in Australia remained at a historic low of 0.1% the accompanying statement showed the policymakers remain committed to maintaining highly supportive monetary conditions.

The home value index is most awaited by traders this week as it is expected to show the impact of ongoing lockdowns on property prices.

All industry sectors ended in red for Australia with heavyweights mining, bank and oil stocks pulling down the market.

Gold rose for a fourth consecutive week to reach its highest price in two and a half months as a slower than expected US jobs data in August drove the US Dollar lower.

The Australian Bureau of Statistics has also unsurprisingly reported a 2.7% seasonally adjusted fall in retail turnover in July, the biggest monthly fall this year