The Australian share market opened higher on Wednesday with a strong lead from U.S. markets.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 30.10 points or 0.52 percent at 5,768.20, while the broader All Ordinaries index gained 28.20 points or 0.49 percent at 5,835.30.

With both oil and gold prices rising overnight and U.S. share market indices hitting another all-time high, CMC Markets' chief market strategist Michael McCarthy told Xinhua the "forecast for the Asia Pacific region is further gains in light trading."

However "mixed messages from commodity markets could see intra-day volatility swing higher in the Asia Pacific region," McCarthy added.

Another factor that may act to slow things down on the market will be the appearance of Australia's top banking executives when they testify before the House of Representatives committee.

"While the policy aims of the scrutiny are unclear the potential for further political damage to Australia's corporate landscape is real, and trading in financial stocks will likely be subdued," McCarthy said.

But so far in the financial space, Australia's big banks have strengthened with the Commonwealth Bank up (0.16 percent), Westpac Bank up (0.77 percent), National Australia Bank up (0.66 percent) and ANZ up (0.61 percent).

Mining stocks were mostly firmer with BHP up (0.60 percent), Rio Tinto up (0.42 percent), Fortescue Metals down (0.20 percent) and Newcrest Mining flat (0.00 percent).

The country's oil and gas producers rallied with Woodside Petroleum up (0.49 percent), Santos up (1.24 percent) and Oil Search up (0.28 percent).

Australia's largest supermarket chains saw gains with Wesfarmers up (0.69 percent) and Woolworths up (0.49 percent).

While telecommunications giant Telstra was up (0.58 percent), the national carrier Qantas lifted (0.65 percent) and biomedical firm CSL added (0.18 percent).