At 1034 AEST, Australia's benchmark S&P/ASX200 index was up 10.2 points, or 0.22 per cent, at 4,620.9, while the broader All Ordinaries index was 11 points higher, by 0.24 per cent, at 4,681.4.
On the ASX 24, the September share price index futures contract was up 11 points at 4,607, with about 6,100 contracts traded.
Wall St was closed overnight for the Independence Day public holiday in the US, after its best week in two years last week.
On Tuesday, the board of the Reserve Bank of Australia holds its monthly meeting to consider, inter alia, official interest rates.
It is expected announce at 1430 AEST that it will leave rates at 4.75 per cent, with worse than expected Australian data released on Monday showing building approvals fell 7.9 per cent in May and retail sales fell 0.6 per cent.
"The RBA are expected to leave interest rates on hold, which is why the market's still up," Fat Prophets wealth management managing director Chris Kimber told AAP.
"The US wasn't open but the leads out of Europe were reasonable."
Market heavyweight BHP Billiton had gained 35 cents, or 0.8 per cent, to $44.37 by 1024 AEST, and Rio Tinto added 33 cents, or 0.4 per cent, to $83.48.
The big banks all were up after new federal laws were passed banning some credit card penalty fees and requiring banks and mortgage lenders to provide borrowers with a fact sheet from September to enable them to easily compare home loans.
Commonwealth Bank had lifted 17 cents to $52.23, ANZ found seven cents to $22.01, Westpac gained eight cents to $22.10 and National Australia Bank improved three cents to $25.45.
The grounding of Tiger Airways continues to be good news for its competitors, with Virgin Blue soaring 1.5 cents, or more than four per cent, to 33 cents, and Qantas surging five cents, or 2.5 per cent, to 2.02.
Shares in home loans business RAMS continued to soar, lifting two cents, or 3.92 per cent, to 53 cents, with former Babcock & Brown chief executive Phil Green appearing on its share register.
National turnover was 424 million shares worth $403 million, with 416 stocks up, 212 down and 284 were unchanged. For the latest updates PRESS CTR + D or visit Stock Market news Today
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