Australia’s banks have played a major role in helping shares move higher for a second consecutive day.

The financial sector gained 1.14 per cent and the S&P/ASX200 benchmark index closed higher by 28.5 points, or 0.47 per cent, at 6138.7 points on Tuesday.

The All Ordinaries index closed up by 25.0 points, or 0.40 per cent, at 6272.1.

The Australian dollar was buying 71.68 US cents at 1621 AEST, up from 71.67 US cents at Monday’s close.