At the market close the benchmark S&P/ASX 200 index was up 291.40 points or 5.83 percent at 5,293.40, while the broader All Ordinaries index was up 274.60 points or 5.43 percent at 5,332.80.
All sectors were trending higher, but it was the banks and miners which shone, both up over 9 percent.
In the financial space, Australia's big banks surged with the Commonwealth Bank up (13.26 percent), ANZ up (11.85 percent), National Australia Bank up (6.76 percent) and Westpac Bank up (7.95 percent).
Mining stocks soared with Rio Tinto up (6.89 percent), BHP up (11.94 percent), goldminer Newcrest up (10.55 percent) and Fortescue Metals up (10.78 percent).
The country's oil and gas producers were mixed with Oil Search down (5.02 percent), Santos down (5.31 percent) and Woodside Petroleum up (5.23 percent).
Australia's largest supermarkets jumped with Coles up (8.44 percent), and Woolworths up (9.72 percent).
Meanwhile telecommunications giant Telstra bounced (2.66 percent), the national carrier Qantas sank (5.30 percent) and biomedical firm CSL jumped (5.53 percent).
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