At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 72.00 points or 1.38 percent at 5,278.90, while the broader All Ordinaries index was up 75.60 points or 1.44 percent at 5,334.40.
Local tech stocks lead gains for a second day this week following a solid lead from U.S. markets, while financials were also firmly improved.
On Wednesday the Australian parliament passed a 130 billion Australian dollar (81 billion U.S. dollar) wage subsidy package, the country's largest fiscal program on record.
The energy sector was also firmly improved, having been some of the most volatile of all stocks in past weeks.
"Global oil prices rose on Wednesday after Russia's energy ministry said Moscow is ready to cut crude production by 1.6 million barrels a day at the OPEC+ meeting on Thursday," Commsec Market analyst Ryan Felsman said.
"U.S. government data also showed that U.S. crude inventories last week soared by a record 15.2 million barrels."
In the financial space, Australia's big banks lifted with the Commonwealth Bank up (1.72 percent), ANZ up (2.77 percent), National Australia Bank up (2.48 percent) and Westpac Bank up (1.77 percent).
Mining stocks were mostly higher with Rio Tinto up (0.70 percent), BHP up (0.19 percent) and Fortescue Metals up (1.24 percent), however goldminer Newcrest was down (1.64 percent).
The country's oil and gas producers surged with Oil Search up (3.50 percent), Santos up (3.38 percent) and Woodside Petroleum up (02.19 percent).
Australia's largest supermarkets sank with Coles down (0.90 percent), and Woolworths down (0.37 percent).
Meanwhile telecommunications giant Telstra rallied (1.29 percent), the national carrier Qantas lifted (2.15 percent) and biomedical firm CSL jumped (1.87 percent).
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