Rate-cut talk, banks help push share market higher

The markets overcame some early jitters after quarterly inflation came in slightly higher than expected, but the two indexes pushed higher during the afternoon as experts confirmed expectations for a Reserve Bank rate cut in May.

The rally was supported by a 0.8 per cent boost to the financial sector, helped by a 1.7 per cent rally for the Commonwealth Bank.

The Australian dollar rallied against most major currencies after the inflation data print to fetch 64.14 US cents, still down slightly from 64.21 US cents on Tuesday at 5pm.