Shares in all of the big four banks have helped push up the ASX, as the last of them announces it is hiking interest rates.
The ASX 200 opened strong and was up 0.8 per cent by 10:30am AEST.
It was strong throughout the day and closed up 1 per cent to 6,965 points. The All Ords also made a similar gain.
Westpac was up 1 per cent after announcing it was passing on the Reserve Bank's latest cash rate rise in full.
The bank's interest rate on home loans will go up 0.5 per cent, while it is also boosting the variable rate on its Westpac Life deposit account by the same amount.
Its youth bank account will also get a variable rate rise by 0.65 per cent.
The cash rate is currently at a nine-year high of 2.35 per cent.
CBA was up 0.8 per cent, ANZ up 1.4 per cent and NAB up 0.5 per cent.
"Like CBA, Westpac has decided to lift only some of its savings rates this month," RateCity.com.au research director Sally Tindall said.
"There will now be pressure on NAB and ANZ to step up after they notably left savers out of their RBA announcements on Friday."
The financials sector overall was up 1.1 per cent. Across the exchange, most of the 11 sectors were up, with healthcare stocks and energy the only laggard with a marginal decline.
The top performing stocks were Nickel Industries and Mesoblast with gains of 6.7 and 5.8 per cent respectively.
"There were gains for IT stocks (which are) enjoying the prospect of less aggressive rate hikes into year-end," market analyst Tony Sycamore said.
"Technically last week's rebound sets the ASX200 up for a period of choppy range trading between 6,700 and 7,100, in line with our view of US equity markets."
Another notable mover included A2 Milk Company with a gain of 2.5 per cent.
That was after the company announced that the license for its Chinese business partner Synlait had been extended.
This means it can continue to make the baby formula there until at least February 2023, while it figures out how to comply with new food safety standards.
The Australian share market was up on Monday after Wall Street had a positive day last day of trading on Friday (US time).
The Nasdaq had the biggest gain with more than 2 per cent in the tech-heavy sector.
Unleaded petrol falls to 8 month low
Oil was down more than 1 per cent again on global markets. This is as concerns about the Ukraine war's impact on supply continue to abate.
This is filtering down to Australia too, noted Craig James at CBA.
"According to the Australian Institute of Petroleum, the national average unleaded petrol price fell by 8.5 cents a litre last week to an eight-month low of 164.4 cents a litre, reflecting price discounting on the east coast capital cities," he said.
"Global oil prices bounced around last week but overall ended the week little changed.
"Crude oil prices are around 30 per cent off the recent highs set in June, serving to restrain inflation rates around the world over July and August.
"Changes in petrol prices have knock on effects for other consumer and producer prices, so recent price declines will help central banks in their efforts to constrain inflation rates."
Futures in Wall Street for Monday (US time) were flat.
"It is likely stocks will continue to drift higher into Tuesday's CPI data," chief economist Clifford Bennett at ACY Securities said.
"Which may well see further improvement as petrol prices have continued to pull back.
"Other components are still likely to be pointing higher, but fuel prices could well dominate this CPI number."
Online betting company being investigated
Australia's financial crimes regulator has launched an investigation into a British betting firm called the Entain Group.
The group is best known as the owner of local sports betting brands Ladbrokes and Sporting Bet.
It controls one-sixth of Australia's online betting market.
AUSTRAC is investigating whether the company has breached anti-money laundering and counter-terrorism financing laws.
In the past couple of years, the regulator has also announced investigations into casino groups Crown Resorts, the Star casino, NAB, and even the Perth Mint.
AUSTRAC has also secured about $2 billion worth of fines against Westpac and Commonwealth Bank for breaching the nation's money laundering laws.
