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The Australian share market has risen for a second day, with gains across the board after US Federal Reserve Chairman Jerome Powell sent a strong signal overnight that the central bank was ready to cut interest rates.

The benchmark S&P/ASX200 index was up 26.3 points, or 0.39 per cent, to 6,716.1 points at 1615 AEST on Thursday, while the broader All Ordinaries was up 28.1 points, or 0.41 per cent, to 6,805.8.

The Aussie dollar is buying 69.72 US cents, from 69.16 US cents on Wednesday.