The Australian share market closed higher on Wednesday thanks to a rise in the banking sector.
Overall, the ASX 200 was up 0.9 percent to 5,382 and the broader All Ordinaries index was 46 points higher to 5,367.
The major banks were boosting the market with Westpac leading the way with a 1 percent gain.
The two major miners were posting gains despite iron ore prices dropping below 70 U.S. dollars a tonne to a fresh five-and-a-half- year low. BHP Billiton was up 1.1 percent while Rio Tinto was 1.8 percent higher.
However, Fortescue Metals was down 0.4 percent and Atlas Iron was down 2.4 percent.
Telstra was posting a 0.7 percent gain while Qantas jumped 4.4 percent.