At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 140.40 points or 2.94 percent at 4923.30, while the broader All Ordinaries index was up 140.40 points or 2.92 percent at 4949.80.
Eight out of ten sectors were trending higher, with energy and financials recording a more than 5 percent rise.
Two sectors at loss were consumer staples and health care which were down at 0.38 percent and 0.81 percent each.
"Share markets rose and crude oil recorded its best one-day gain overnight as investors contemplate a raft of new government and central bank support measures," CMC Markets chief market strategist Michael McCarthy said.
"Promises of fiscal support eased the pressure, although mixed base metals trading suggests there is no 'all-clear' on growth prospects yet."
In the financial space, Australia's big banks jumped with the Commonwealth Bank up (3.81 percent), ANZ up (6.13 percent), National Australia Bank up (6.52 percent) and Westpac Bank up (6.95 percent).
Mining stocks were varied with Rio Tinto up (0.87 percent), BHP down (0.73 percent), Fortescue Metals down (0.73 percent), goldminer Newcrest up (3.98 percent)
The country's oil and gas producers surged with Oil Search up (8.37 percent) and Santos up (7.27 percent), Woodside Petroleum up (4.05 percent).
Australia's largest supermarkets slumped with Coles down (3.19 percent), and Woolworths down (3.76 percent).
Meanwhile telecommunications giant Telstra was down (0.92 percent), the national carrier Qantas gained (3.74 percent) and biomedical firm CSL lifted (0.27 percent).
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