The Australian stock market has closed at a record high on the prospect of cheaper borrowing costs. -AAP Image
Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns.
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The S&P/ASX200 surged 109.5 points higher, or 1.26 per cent, to 8,773.2 as final trades were settled, while the broader All Ordinaries shot-up 109.3 points, or 1.23 per cent, to 9,031.3.
The result pipped the top-200's previous record close of 8,757.2, but came up just 3.2 points short of its intraday best of 8,776.4, both set on July 18.
The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher.
The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm.
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