Investors have pushed the ASX higher to begin the month despite losses on Wall Street earlier.
The S&P/ASX200 benchmark index was higher by 63.3 points, or 0.97 per cent, to 6581.1 at 1200 AEDT on Tuesday.
The All Ordinaries was higher by 61.2 points, or 0.9 per cent, to 6803.3.
Information technology was the best sector, up 1.47 per cent, while consumer discretionaries was next, up 1.4 per cent.
Health care, property, consumer staples and utilities all had gains of more than one per cent.
Banks and miners had gains of close to one per cent.
CMC Markets chief strategist Michael McCarthy believed ASX investors had not followed the US markets’ lead due to the turn of the month.
“Institutional investors’ performance is measured on a monthly basis, and US investors were locking in gains,” he said.
The Reserve Bank will have its last meeting of the year on Tuesday and is not expected to cut rates after doing so last month.
Meanwhile house prices rose across the nation for a second month in a row in November and could surpass their pre-COVID levels in early 2021 if the pace of the current trend persists.
The CoreLogic home value index for November rose 0.8 per cent to be 3.1 per cent higher over the year.
There was more progress in easing coronavirus restrictions, after Western Australia announced its border will open to people from NSW and Victoria next week.
The decision came after people from Sydney and Victoria arrived in Queensland following the easing of its border restrictions.
The Australian Prudential Regulation Authority is taking action against Westpac after the bank breached liquidity standards and was found to have an immature and reactive risk culture.
The breaches, since rectified, related to funding and loan products last year and this year.
The regulator has ordered the bank to have third party reviews of its liquidity reporting and risk management.
Westpac must also add 10 per cent to the net cash outflow of its liquidity coverage ratio.
Shares were higher by 0.62 per cent to $20.25.
Among its major rivals, ANZ was higher by 0.83 per cent to $22.83, the Commonwealth was better by 0.86 per cent to $79.75 and NAB was up 0.48 per cent to $23.00.
Oil and gas giant Santos upgraded its production guidance for the year to 87-89 million barrels of oil equivalent.
It also lowered production cost guidance to $8.00 to $8.50 per barrel.
Shares were higher by 0.48 per cent to $6.19.
In mining, BHP gained 0.68 per cent to $38.33, Rio Tinto rose 1.1 per cent to $102.53 and Fortescue was up 0.63 per cent to $18.34.
In the US earlier, US Health Secretary Alex Azar said the first two vaccines against the coronavirus could be available to Americans before Christmas.
The Dow Jones Industrial Average fell 0.91 per cent to end at 29,638.64 points, while the S&P 500 lost 0.46 per cent at 3,621.67.
The Nasdaq Composite dropped 0.06 per cent to 12,198.74.
The Aussie dollar was buying 73.61 US cents at 1200 AEDT, lower from 73.88 US cents at Monday’s close.