The Australian share market hit its highest levels in over 10 years on Tuesday, with a rally in commodity prices spurring on investors.

At the close of trade, the benchmark S&P/ASX 200 index was up 32.90 points or 0.54 percent at 6,071.80, while the broader All Ordinaries index gained 33.20 points or 0.54 percent at 6,163.20.

Across the sectors, materials, energy and info tech stocks drove the action, with positive sentiment on global markets also encouraging investors to buy.

Industrial stocks, however, ended the day slightly lower, but all other sectors made solid gains.

In the financial space, Australia's big banks strengthened with The Commonwealth Bank up (0.36 percent), Westpac Bank up (0.06 percent), National Australia Bank flat (0.00 percent) and ANZ up (0.69 percent).

Mining stocks rallied with BHP up (0.78 percent), Rio Tinto up (1.26 percent), Fortescue Metals up (0.00 percent) and Newcrest Mining up (1.43 percent).

The country's oil and gas producers climbed higher with Woodside Petroleum up (1.42 percent), Santos up (0.20 percent) and Oil Search up (1.08 percent).

Australia's largest supermarket chains made gains with Wesfarmers up slightly (0.05 percent) and Woolworths up (0.29 percent).

While telecommunications giant Telstra lifted (0.54 percent), the national carrier Qantas bounced (0.19 percent) and biomedical firm CSL jumped (0.84 percent).