Australian shares advanced for a second straight session on Wednesday, propelled by financials and materials stocks, and boosted by the central bank's positive view on normalising inflation. The S&P/ASX 200 index extended gains to end 1.35 percent, or 73.168 points, higher to 5,484.4 at the close of trade.
The S&P ASX Financials (GIC) rose to its highest in 10 months up by as much as 1.32 percent.
The "Big Four" banks dominated the financial sector, each up around 1.5 percent.
Mining stocks rallied as the price of Dalian iron ore soared to hit the 9 percent trade limit.
The ASX 300 Metals and Mining Index rose to an almost two-year high, as much as 2.44 percent, where index heavyweights Rio Tinto Ltd and Fortescue Metals Group gained 2.5 percent and 2.9 percent respectively. Shares of mining giant BHP Billiton, hit a 15-month high, up as much as 2.97 percent.
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