The Australian share market has closed more than one per cent higher, its seventh straight session in positive territory.

At the close on Wednesday, the benchmark S&P/ASX200 index was 60.9 points, or 1.14 per cent, higher at 5,385.9, while the broader All Ordinaries index was up 60.8 points, or 1.14 per cent, at 5,373.3, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 57 points higher at 5,368, with 30,203 contracts traded.