The Australian share market has rallied on hopes that the lockdowns will be eased, even as banks weighed on the market following poor results by NAB.

The S&P/ASX200 benchmark index finished Monday 78.8 points higher, or 1.5 per cent, at 5,321.4, while the All Ordinaries index rose 87.6 points, or 1.65 per cent, at 5,388.3.

The Australian dollar climbed to 64.58 US cents, up from 63.56 US cents at Friday’s close.