At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 59.1 points at 4,605.10, while the broader All Ordinaries index was up 58.3 points at 4,622.40.
Almost all sectors were trading higher, with information technology, materials, energy and healthcare sectors in the lead.
"The combined effects of unlimited liquidity and governments enacting containment measures helped steady markets overnight," CMC Markets chief market strategist Michael McCarthy said.
"Stocks remain under pressure, but falls in Europe and the US were less dramatic," he said.
The UK lockdown and an imminent U.S. fiscal package against a backdrop of U.S. Federal reserve support were important influences on the overnight session.
In the financial space, Australia's big banks rallied with the Commonwealth Bank up 2.43 percent, ANZ up 0.99 percent, National Australia Bank up 0.79 percent and Westpac Bank up 0.85 percent.
Mining stocks were mixed with BHP up 3.89 percent, goldminer Newcrest up 6.42 percent, Rio Tinto down 1.39 percent and Fortescue Metals down 0.73 percent.
The country's oil and gas producers lifted with Oil Search up 1.06 percent, Santos up 4.11 percent and Woodside Petroleum up 0.59 percent.
Meanwhile, telecommunications giant Telstra lifted 0.16 percent, the national carrier Qantas surged 6.64 percent and biomedical firm CSL was up 2.61 percent.
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