At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 63.50 points or 0.96 percent at 6,694.80, while the broader All Ordinaries index was up 65.90 points or 0.96 percent at 6,932.60.
Tech stocks led gains after another surge from buy-now-pay-later giant Afterpay, with the sector up close to 5 percent across the past five sessions.
Resources were also firmly higher after sinking the day before, while consumer discretionary stocks rallied over 1.3 percent.
"Bonds sold off, and copper and crude oil moved higher, buoying commodity currencies," CMC Markets chief market strategist Michael McCarthy said.
In the financial space, the big banks jumped with Commonwealth Bank up 1.32 percent, ANZ up 1 percent, National Australia Bank up 1.16 percent and Westpac Bank up 0.85 percent.
Mining stocks rallied with Rio Tinto up 1.31 percent, BHP up 1.70 percent, Fortescue Metals up 2.10 percent and goldminer Newcrest up 2.01 percent.
The country's oil and gas producers lifted with Oil Search up 1.37 percent, Santos up 1.10 percent and Woodside Petroleum up 1.59 percent.
Australia's largest supermarkets sank with Coles down 0.44 percent, and Woolworths down 0.26 percent.
Meanwhile telecommunications giant Telstra dropped 0.50 percent, the national carrier Qantas took off 1.39 percent and biomedical firm CSL lifted 0.47 percent.
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