The Australian share market has closed higher as every sector except for the miners rallied ahead of highly anticipated testimony by the US Federal Reserve chairman Jerome Powell

The benchmark S&P/ASX200 index finished up 24.1 points, or 0.36 per cent, to 6,689.8 points at 1615 AEST on Wednesday, while the broader All Ordinaries was up 27.6 points, or 0.41 per cent, to 6,777.7.

The Aussie dollar is buying 69.21 US cents, from 69.52 US cents on Tuesday.