Australian shares closed at a near 7-month high on Wednesday as soaring iron ore prices boosted miners, while healthcare stocks surged after Australia's government earmarked record spending for the sector in its pre-poll budget. The S&P/ASX 200 index rose 0.68 percent or 42.6 points to 6,285.0 at the close of trade. The benchmark rose 0.4 percent on Tuesday.
Miners continued on a dream run, surging 1.7 percent to close at their highest since September, 2011 as iron ore futures in China hit a record high on the back of supply disruption worries.
Index heavyweights BHP Group and Rio Tinto rose 2.2 percent and 1.9 percent, respectively. Both mining giants have flagged lower iron ore output following disruptions to operations after a cyclone in Western Australia.
Fortescue Metals Group, the world's fourth largest miner, rose 2 percent after touching an over 10-year peak in the previous session.
Healthcare stocks rose 0.9 percent to a near 6-month high, with index heavyweight CSL Ltd notching the top percentage gain at 1.1 percent, while Cochlear Ltd firmed 0.6 percent.
Meanwhile, New Zealand's benchmark S&P/NZX 50 index slipped 0.19 percent or 19.09 points to finish the session at 9,939.26, after hitting a record high in the previous session.
Among top losers on the index was Spark New Zealand which slipped 3.3 percent after its managing director Simon Moutter stepped down.
Australia's conservative government on Tuesday proposed tax cuts for low and middle income earners while promising the first budget surplus in more than a decade, in a bid to woo voters ahead of an upcoming election.
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