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The Australian share market has rallied to its highest level since March 6, with gains across nearly every sector on a wave of optimism about Australia’s economic prospects.

The S&P/ASX200 benchmark index closed Wednesday close to the highs of the day, up 106.5 points, or 1.83 per cent, at 5,941.6 points, while the All Ordinaries index gained 104.8 points, or 1.76 per cent, at 6,064.9.

One Australian dollar was buying 69.36 US cents, up from 68.02 US cents at the close of trade on Tuesday.

The Aussie reached 69.84 US cents earlier on Wednesday, its highest point since early January.