SYDNEY, AAP – Shares started the week higher on the Australian market and investors were unconcerned by troubled property group Evergrande having missed a payment deadline.

Banks were the driving force on Monday as the indices stayed higher throughout trade.

The Commonwealth Bank closed higher by 2.84 per cent to $104.59.

Evergrande missed a payment to bondholders but investors seemed unworried any collapse that may cause regional fallout.

The benchmark S&P/ASX200 index closed higher by 41.6 points, or 0.57 per cent, to 7384.2.

The All Ordinaries closed up 41.4 points, or 0.54 per cent, to 7690.7.

The Australian dollar was buying 72.77 US cents at 1625 AEST, lower from 72.96 US cents at Friday’s close.