At 10:30 (AEST), the benchmark ASX 200 index was up 41.80 points or 0.62 percent at 6,804.10, while the broader All Ordinaries index was up 41.90 points or 0.60 percent at 7,051.80.
U.S. share markets fell on Tuesday. The Dow Jones index closed down 0.50 percent, while the S&P 500 was down 0.80 percent. The tech-heavy Nasdaq fell most, down 1.70 percent.
On the local bourse, tech stocks were also lagging behind other sectors, down 1.10 percent. Heavy-weight materials were outperforming, up 2.46 percent.
Australia's Q4 2020 national accounts will be released on Wednesday, which is expected to record a 2.50 percent quarterly growth.
In the financial space, the big banks jumped with Commonwealth Bank up (0.62 percent), National Australia Bank up (0.91 percent), Westpac Bank up (0.62 percent) and ANZ up (0.71 percent).
Mining stocks surged with BHP up (3.03 percent), Rio Tinto up (2.01 percent), Fortescue Metals up (4.47 percent), and gold miner Newcrest up (1.93 percent).
The country's oil and gas producers rallied with Oil Search up (0.94 percent), Santos up (1.65 percent) and Woodside Petroleum up (0.24 percent).
Australia's largest supermarkets slipped with Coles down (0.06 percent), and Woolworths down (0.20 percent).
Meanwhile telecommunications giant Telstra lifted (0.48 percent), the national carrier Qantas surged (1.43 percent) and biomedical firm CSL sank(0.68 percent).
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