However, market gains were limited as investors took to the sidelines to brace for a U.S. Federal Reserve-hosted economic symposium starting Thursday.
At closing bell, the benchmark S&P/ASX200 index rose by 36.32 points, or 0.52%, to 6,998.12. The broader All Ordinaries index added 43.13 points, or 0.6%, to 7,242.34.
Shares of materials and resources advanced after China's iron ore prices rose on prospects of strong demand ahead of peak construction season. BHP Group and Fortescue Metals Group added 1.1% and 0.4%, respectively.
Financials too joined the broader rally, with all of the so-called "Big Four" banks trading in positive territory.
Energy stocks advanced, with Santos and Woodside Energy Group gaining 2.1% and 3.4%, respectively.
AUB Group surged 5.5% and software solutions provider WiseTech Global soared 12.8% after reporting encouraging annual results.
Supermarket group Coles lost 4.6% after it flagged higher costs for the 2023 fiscal year.
CURRENCY NEWS: The Australian dollar weakened, after it sharply rose overnight on a softer dollar. The Aussie was trading at $0.6910, following a jump above $0.6950.
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