The share market has managed small gains in light trade, helped by the health and telco sectors.
In Victoria, trade is closed for the Melbourne Cup public holiday, which has resulted in very low volumes of trade.
The All Ordinaries index was 0.3 per cent higher at 4,505, and the ASX 200 index has also risen 0.3 per cent to 4,487 just before 1:00pm (AEDT).
The big four banks have been extending gains before the Reserve Bank announces its latest interest rates decision.
National Australia Bank has led the gains, with a 1.25 per cent rise to $25.15.
The mining sector is seeing mixed results - BHP Billiton was almost flat, and Rio Tinto was up 0.6 per cent.
Telstra was up 0.6 per cent to $4.105.
Blood products maker CSL was up 1 per cent to $47.49.
The Australian dollar was buying 103.7 US cents an hour and a half ahead of the Reserve Bank's interest rate announcement.