Gains for Australian shares led by health care and banks follow a strong finish for Wall Street. -AAP Image
Australia's share market has started the week on the right foot, posting its best day in more than three weeks.
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The benchmark S&P/ASX200 rose 75 points, or 0.85 per cent, to 8,862.7 on Monday, as the broader All Ordinaries gained 69 points, or 0.76 per cent, to 9,148.2.
Local banks led the charge as financials stocks rallied 1.8 per cent and health care plays enjoyed a healthy 1.3 per cent rebound from last week's sell-off, as nine of 11 sectors finished higher.
Gold miners helped offset losses in other mining sectors as the precious metal hit a fresh record of $US3,815 ($A5,808) an ounce during the session.
Australian defence technology company Droneshield also tore through its previous high, spiking more than 20 per cent on Monday to $4.59 and taking its gains for the year above 500 per cent.
The Australian dollar is buying 65.71 US cents, up from 65.63 US cents on Friday ahead of Tuesday's Reserve Bank meeting.
With a near-zero chance of an interest rate cut until at least November, analysts are tipping a hawkish tone from the central bank after last week's hotter-than-expected partial inflation figures.
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