• SYDNEY, AAP – Weaker than expected inflation figures have helped the Australian share market close higher for the first time this week.

    The benchmark S&P/ASX200 index closed higher by 30.9 points, or 0.44 per cent, to 7064.7 on Wednesday.

    The All Ordinaries closed better by 24.5 points, or 0.34 per cent, to 7320.

    The consumer price index rose 0.6 per cent in the March quarter, which encouraged investors that the Reserve Bank will keep the cash rate at record low levels until 2024.

    Property shares fared best, higher by 1.45 per cent. There were gains of more than one per cent for financials and energy.

    The Australian dollar was buying 77.48 US cents at 1619 AEST, lower from 77.96 US cents at Tuesday’s close.