Helping local sentiment was the latest GDP data showing the Australian economy expanding by 1% in the third quarter.
The result beat economists’ expectations of a 0.8% rise.
For the 12 months to September, GDP grew a seasonally adjusted 2.5%, which also came in well ahead of expectation of a 1.8% gain.
The big banks were amongst the best performers on the day; ANZ added 1.2% while CBA climbed 1%.
S&P downgraded its credit rating for Bank of Queensland while it upgraded its rating for Bendigo Bank.
Both regional banks seemed unfazed by the change in rating; Bank of Queensland jumped 2.4%, whilst Bendigo Bank soared 2.8%.
The major miners were also stronger, with Rio Tinto appreciating 1.1% and rival BHP added 0.8%.
The ASX 200 advanced 31 points (+0.7%), settling at 4293.