The Australian share market finished session at new 11-month highs on Wednesday, 03 February 2021, supported by gains on Wall Street, and as the Reserve Bank of Australia reaffirmed it would hold rates at record low levels for several years.
At closing bell, the benchmark S&P/ASX200 advanced 62 points, or 0.92%, to 6,824.61. The broader All Ordinaries added 63.36 points, or 0.9%, to 7,090.86.
RBA governor Philip Lowe, in a speech in Canberra, reiterated the bank s stance to maintain cash rate at 0.1% and insisted the country will need to maintain very significant monetary support for several years. Lowe s comments came a day after the RBA announced it had expanded its bond-buying program by another A$100 billion to support an economic recovery.