The ASX 200 index has cracked 5,000 for the first time in almost three years, bolstered by gains in bank and mining stocks.
It is the first time since April 2010 that Australia's benchmark index has passed the mark.
However, the ASX 200 did not stay above the mark long, hitting 5,000.2 points for an instant around 10:34am (AEDT) before slipping back.
At 11:08am (AEDT), the index was hovering just below the 5,000-mark at 4,998, up 0.8 per cent today.
The All Ordinaries index had also gained strongly, rising 0.7 per cent to 5,018 after briefly passing the 5,000 mark for the first time in around two years yesterday.
Record profits from the Commonwealth Bank boosted financial stocks - CBA has surged 2.2 per cent and Westpac has gained slightly more to $28.42, with NAB and ANZ also posting gains around 2 per cent.
The major miners are posting more modest rises, with BHP Billiton up 0.2 per cent and Rio Tinto ahead by 24 cents at $69.27.
The Australian dollar was also higher after a strong reading on consumer confidence - it was buying 103.35 US cents.