Australian shares climbed to a record on Tuesday as mining and energy stocks jumped on firm commodity prices, with OZ Minerals rising to the top of the benchmark on gold output forecast hike.

The S&P/ASX 200 index rose 0.3% to 7,414.2 by 1247 GMT, after closing flat in the previous session.

Miners climbed 1.8% after iron ore and copper prices rose overnight as floods in top consumer China sparked demand hopes at a time when inventories were falling.

OZ minerals surged 9.8% and was on track for its best day since March 2020 after it raised its annual gold output forecast and reported a 33% jump in its second-quarter copper output.

Miners lift Australian stocks to new peak, Lynas hits 8-1/2-year high

Energy stocks gained more than 1%, helped by firm oil prices.

Shares of Oil Search were 0.25% higher after the Papua New Guinea-focused oil and gas producer reported a 38% jump in its second-quarter revenue and reaffirmed its annual production forecast.

Financials were up 0.3% with the big four banks gaining between 0.04% and 0.5%.

Tech stocks shed about 0.9% with sector heavyweights Afterpay and Xero falling 2.4% and 2.3% respectively.

Meanwhile, Victoria state looked set to come out of a hard COVID-19 lockdown after reporting fewer new cases on Tuesday, while neighbouring New South Wales rushed to trace thousands after detecting fresh virus clusters.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index fell 0.3% to 12,638.25.

New Zealand-based industrial machinery maker ikeGPS Group was on track for its best day in a month after reporting a 12% rise in its quarterly revenue.