Australia’s share market has finished higher to start the week, with the miners offsetting losses among the banks.

Fortescue Metals’ record annual profit of $US4.7 billion ($A6.6 billion) helped the mining sector.

The S&P/ASX200 benchmark index closed higher by 18.4 points, or 0.3 per cent, to 6129.6 points on Monday.

The All Ordinaries index closed higher by 29.6 points, or 0.47 per cent, to 6300.3.

The Australian dollar was buying 71.74 US cents at 1623 AEST, down from 72.02 US cents at Friday’s close.