The Australian share market closed higher on Monday, driven by a late rally in mining stocks following fresh stimulus measures announced by China.
The S&P/ASX 200 index rose by 38.3 points, or 0.5%, to finish at 8252.2 points, just shy of its record closing high of 8269.85, set on September 30.
Mining stocks led the day's gains, surging 1.3% in the late session, as investors adopted a more optimistic view of China's economic outlook.
China's Ministry of Finance outlined further incremental government support for the struggling economy over the weekend, bolstering confidence among traders despite a lack of specific figures.
Iron ore futures reflected this renewed optimism, initially falling by 1% before rebounding 2.3% to close at $US108.65 per tonne.
Major mining companies benefited from the upbeat sentiment: BHP gained 0.9% to $43.80, Rio Tinto climbed 1.2% to $121.00, and Fortescue Metals surged 2.8% to $20.02.
Gold miners were also among the standout performers. Regis Resources soared 6% to $2.29, Bellevue Gold rose 4.4% to $1.42, and West African Resources advanced 3.8% to $1.50.
The price of gold remained stable after adding 1% last week, holding at $US2656.3 per ounce during Monday's session.
On the bond markets, 10-year and 2-year rates were at 4.279% and 3.865%, respectively.
