At 10:30 (AEST), the benchmark ASX 200 index was up 59.50 points or 0.89 percent at 6,773.40, while the broader All Ordinaries index was up 62.20 points or 0.90 percent at 7,015.10.
U.S. share markets finished higher on Thursday as U.S. President Joe Biden signed the stimulus bill. The Dow Jones index rose 0.60 percent to record highs. The S&P 500 lifted by 1 percent to record highs and the Nasdaq surged 2.50 percent.
"U.S. tech stocks roared back to life after recent sustained pressure," CMC Markets chief market strategist Michael McCarthy said.
"It appeared there is still disagreement among investors about the outlook for interest rates. Interest rate sensitive real estate listings rose, but equally interest rate sensitive utilities dropped."
On the local bourse, all sectors were trading higher, with information technology, energy and materials outperforming.
In the financial space, the big banks lifted with Commonwealth Bank up (0.35 percent), National Australia Bank up (0.46 percent), Westpac Bank up (0.25 percent) and ANZ up (0.78 percent).
Mining stocks were mostly higher with BHP up (2.34 percent), Rio Tinto up (1.17 percent), and Fortescue Metals up (2.45 percent), however, gold miner Newcrest was down (0.12 percent).
The country's oil and gas producers surged with Oil Search up (2.30 percent), Santos up (2.37 percent) and Woodside Petroleum up (2.12 percent).
Australia's largest supermarkets improved with Coles up (0.45 percent), and Woolworths up (0.36 percent).
Meanwhile telecommunications giant Telstra surged (0.98 percent), the national carrier Qantas was unchanged (0.00 percent) and biomedical firm CSL strengthened (0.39 percent).
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