The Aussie market held onto solid gains throughout the afternoon session to end the day 45 points (+1.1%) higher, at 4172.
Materials, energy and consumer staples stocks were the best performers, whilst telcos and healthcare were the only sectors to finish in the red.
Most of the big four banks finished in the green, with ANZ (+0.5%), CBA (+0.5%), NAB (+0.6%) stronger but WBC (-0.1%) closed weaker.
Of the big miners, BHP (+2.1%) enjoyed strong gains, as did rival RIO (+2.7%). Elsewhere, FMG jumped 3.5%.
Meanwhile, junior Iron Ore miners Mount Gibson Iron and Gindalbie Metals, surged 11% and 10.6% respectively, after being sold off heavily in recent times.
In economic news, retail sales rose more than expected in May as rate cuts and government assistance for students and the carbon tax began flowing into households.
Sales for the month rose 0.5% from April, beating the 0.2% increase expected by economists.