At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 37 points or 0.55 percent at 6,724.70, while the broader All Ordinaries index was up 39.90 points or 0.58 percent at 6,962.10.
The Australian share market hit its highest mark since Feb. 27, buoyed largely by healthcare and tech stocks which were both up around 1.5 percent in early trade.
Market heavyweight, the materials sector was also lending strong support, with the country's large iron ore miners all trending firmly higher.
On overseas equity markets, positive vaccine developments outweighed uncertainty, creating a strong lead for local shares.
In the financial space, the big banks were mostly higher with Commonwealth Bank up (0.82 percent), Westpac Bank up (0.12 percent) and National Australia Bank up (0.26 percent), however ANZ was down (0.04 percent).
Mining stocks were also mostly higher with Rio Tinto up (0.85 percent), BHP up (0.71 percent) and Fortescue Metals up (0.86 percent), however goldminer Newcrest was down (0.90 percent).
The country's oil and gas producers varied with Oil Search down (0.40 percent), Santos up (0.31 percent) and Woodside Petroleum down (1.43 percent).
Australia's largest supermarkets bounced with Coles up (0.44 percent), and Woolworths up (0.87 percent).
Meanwhile telecommunications giant Telstra rallied (0.49 percent), the national carrier Qantas lost altitude (0.56 percent) and biomedical firm CSL surged (1.75 percent).
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