Australian shares gain

Australian shares advanced 0.9 percent on Monday, led by banking stocks after the Greek parliament approved a deeply unpopular austerity bill to secure a second bailout from the European Union and the IMF and avoid a debt default. The reaction across financial markets to the passage of the key bill was modest, but analysts said financial shares in Australia outperformed on hopes funding costs may ease.
Bank stocks also rose after three of the four biggest banks moved to shore up margins by raising their mortgage rates. The S&P/ASX 200 index ended up 39.8 points to 4,285.1. The benchmark fell 0.9 percent on Friday, tipping the market into a second consecutive weekly loss. New Zealand's benchmark NZX 50 index fell 0.2 percent to 3,340.0.