The share market closed higher on a broad rally across the board, with only the mining sector finishing in the red.
The All Ordinaries added 0.5 per cent to close at 4,765 while the ASX 200 rose by the same amount, to 4,738.
Building products maker Boral was one of the top performers, surging more than 10 per cent to a 20-month high of $4.80.
Investors welcomed the .
A total of 2,420 jobs will go across the board at its operations worldwide by the end of June, about 1,000 of those in Australia.
Defensive sectors like health care put in the strongest performance; blood products maker CSL rose 3.5 per cent.
Bank stocks were also in favour; the big four banks all rose, with the Commonwealth Bank put in the best performance, up 0.9 per cent to $62.29.
But mining stocks struggled after recent strong gains; Rio Tinto lost 0.5 per cent to close at $65.55 as investors digested its latest quarterly production results.
BHP Billiton, meanwhile, lost 0.8 per cent.
Economists say the latest reading on consumer confidence is disappointing, even though it points to optimism among households.
The rose by 0.6 per cent in January, to 100.6.
It is the third month in a row the survey has found there are more optimists than pessimists in the economy.
But Westpac says the many interest rate cuts handed down over the past year should have boosted sentiment further.
In currency trade, the Australian dollar wavered through the afternoon and around 5pm (AEDT) was buying 105.5 US cents, 79.5 euro cents, 93 Japanese yen and 65.7 British pence.
Spot gold was trading at $US1,682 an ounce, West Texas crude oil was at $US93.20 a barrel and Tapis crude was $US116.70 a barrel.