Australia’s share market has more than made up for losses on Tuesday in a rousing performance that defied confirmation of the first recession in almost 30 years.

The S&P/ASX200 benchmark index closed up 109.8 points, or 1.84 per cent, to 6063.2 points on Wednesday, despite figures that showed the economy shrunk by 7.0 per cent for the June quarter.

It was the best day for the index since the gains of 1.88 per cent on August 4.

The All Ordinaries index finished higher by 108.6 points, or 1.77 per cent, to 6251.8.

The Aussie dollar fell to 73.37 US cents following the GDP news. It later recovered and was buying 73.64 US cents at 1617 AEST.