Australian shares ended slightly higher on Wednesday, as gains across a number of sectors following an optimistic budget were offset by financials as the largest bank fell on a disappointing earnings report.
The S&P/ASX 200 index rose 0.26 percent or 16.1 points to 6,108.0. The benchmark inched up 0.1 percent on Tuesday. Late on Tuesday, Australia's government said it would return the budget to a small surplus in 2019/20, one year earlier than planned.
It also unveiled some big spending measures, including an income tax cut for low and middle-level earners, along with a substantial infrastructure and health care push.
In Wednesday's trading, Materials led gains, with metal mining stocks advancing after copper and zinc prices edged up. Index heavyweight BHP Billiton climbed 1.2 percent, a near four-year high, while copper miner OZ Minerals was up 0.7 percent.
In New Zealand, healthcare stocks pushed the index higher, followed by consumer staples. The benchmark closed higher for a sixth consecutive session. New Zealand's benchmark S&P/NZX 50 index rose 0.29 percent or 25.24 points to finish the session at 8,619.83.
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