Australian stocks are ripping higher

Zoe Timmers in the final of the Women’s High Jump Open in Brisbane. Bradley Kanaris/Getty Images

Australian stocks jumped higher in early trade, following a stronger Wall Street and the RBA confirming that lower official interest rates are still being considered.

The market is being led by the big miners, with BHP stronger by 2.28% to $30.50 and Rio Tinto 2.12% to $55.82.

The banks were all up with the Commonwealth higher by 0.7% to $91.99. AMP was up more than 1% to $6.57 and Macquarie 1.28% to $81.30.

The local market, with all ten sectors stronger in early trade, was being supported by Wall Street with the S&P 500 closing 0.9% higher.

And in New York overnight, RBA Governor Glenn Stevens said the question of interest rate cuts has to be on the table.

“The board has, moreover, clearly signalled a willingness to lower it even further, should that be helpful in securing sustainable economic growth,” he said.

Investors took this as a clear message of more interest rate cuts to come.

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